This week domestic PPGI (Pre-painted galvanized iron) coil prices witnessed further correction by around INR 500/MT in major markets on the back of bleak market outlook, higher inventory levels, poor sales volumes and seasonal slowdown happening in domestic market.
Meanwhile with the ongoing monsoon season lower consumer spending on automobiles and consumer durable sector led to further slump in domestic PPGI prices. Buying activities continue to remain subdued.
Currently trades reference prices for PPGI (0.5 mm, 90GSM) are hovering in the range of INR 54,500-60,000/MT (Ex-Mumbai) depending on companies make and INR 55,500-57,000/MT (ex-Delhi). The prices mentioned above are basic and extra GST@18% is applicable.
Market participants shared that, “Domestic steel market is expected to improve with arrival of festive season in the month of Sep-Oct. This may result to uptick in domestic PPGI prices in upcoming months.”
Although current downfall in HRC prices have impacted the market sentiments of downstream products also which in turn weighs on colour coated prices in domestic market.
Domestic Galvanized plain coil prices- Currently trade reference prices for Galvanized plain coil (0.7- 0.8 mm, 120 GSM) is at INR 48,250-48,500/MT (ex-Mumbai), INR 49,000/MT (ex-Delhi), INR 49,000-49,500/MT (Ex-Hyderabad) and INR 49,000-50,000/MT (Ex-Chennai). The prices mentioned above are basic and GST extra @18% is applicable.
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