This week domestic HRC and CRC prices remained firm owing to active trade inquiries happening in the domestic market. Meanwhile, easing supplies also kept the domestic prices largely supported.
In the northern and western regions market sources shared that sentiments were slightly low this week as buyers remain cautious regarding a further increase in prices. However, prices reported an increase in the Southern region on a weekly premise.
Current trade reference prices for HRC stands at INR 39,750-40,000/MT (ex-Mumbai), INR 39,000-39,500/MT (ex-Delhi), and INR 40,000-40,500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 45,000-45,500/MT (ex-Mumbai), INR 42,500-44,500/MT (ex-Delhi), and INR 45,500-46,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Market participants based in Mumbai region shared that, “Trades are happening at current price levels and buyers in urgent need of material are ready to procure the material at the prevailing prices. However, a further increase in price seems uncertain to absorb in the domestic market.”
However, in contrast to this, Indian steel mills are planning to raise HRC and CRC prices by around INR 1000-1500/MT on the back of increased raw material cost along with active buying in the domestic market.
Leave a Reply