This week Indian HRC prices in traders segment witnessed slight uptick in the range of INR 250-500/MT W-o-W. Improved trades and resumption of buying activities in domestic market were key observations after the festive holidays. Also last week major Indian steel mills announced hike in domestic HRC prices by upto INR 750/MT for Nov deliveries.
As per SteelMint’s price assessment current trade reference prices in traders segment for HRC (IS2062,2.5-8mm) is at INR 34,500-35,000/MT (Ex-Mumbai), INR 34,000-34,500/MT (ex-Delhi) and INR 35,000-36,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently domestic CRC (0.9mm, IS 513) trade reference prices on a weekly basis are hovering around INR 38,500-40,000/MT (ex-Mumbai),INR 37,800- 39,000/MT (ex-Delhi) and INR 38,000-39,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Trade sources shared that, “Indian HRC prices have started to recover and domestic demand has shown slight improvement. However prices in traders market have not increased sharply, just slight uptick has been reflected so far.”
Auto sales improve over festive sales- As per reports, improved sales in auto sector in the month of Oct’19 amid Diwali festival resulted in improved trade volumes in domestic market. Maruti Suzuki posted a growth of 2.5% in its Oct’19 domestic sales volumes against Oct’18.
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