Indian steel biggies have kept the flat product prices stable and are seen offering discountsfor Jun’17 bookings .Although,arrival of imported cargoes along with sluggish demand continues to keep domestic HRC prices under pressure.
Currently HRC (IS2062) 2.5mm-8mm are assessed in the range of INR 39,000-39,500/MT (ex-Mumbai) and INR 39,500/MT (ex-Chennai). Prices are inclusive of Excise duty of 12.5%.
Currently CRC (IS513) 0.9mm is hovering in the range of INR 44,500-45,000/MT (ex-Mumbai) and INR 45,000/MT(ex-Chennai).Prices are inclusive of Excise Duty of 12.5%
Market participants also highlighted that Indian steelmakers are providing rebates and discounts of INR 1,000-1,200/MT in order to attract the consumers and push the domestic demand for flat steel products in the domestic flat steel market.
SteelMint has also acknowledged from the market sources that some importers have booked around 20-25,000 MT of HRC from Japan last week in the range of USD 485-490/MT CFR Mumbai which is equivalent to USD 450-455/MT,FoB Japan.
Furthermore,Indian steel market awaits for implementation of GST since the stockiest and dealers have kept themselves away from maintaining high inventories in the domestic market.
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