Indian Flat steel prices have inched up on account of increased raw material cost. Besides this, shortage of inventories has also led to cost push in the domestic market.
As SteelMint had earlier reported that Indian flat steel manufacturers have raised offers by INR 1,000/MT last week. The price hike has been passed in the traders market this week and trade sources reported price hike up to INR 1,000/MT.
Currently prices of HRC (IS2062) 2.5mm-8mm are assessed in the range of INR 41,000/MT (ex-Mumbai), INR 41,000/MT (ex-Delhi) and INR 41,000/MT (ex-Chennai). Prices are inclusive of Excise duty 12.5%.
Currently CRC (IS513) 0.9mm is hovering in the range of INR 47,000/MT (ex-Mumbai),INR 47,500/MT (ex-Delhi) and INR 47,500 /MT(ex-Chennai).Prices are inclusive of Excise duty 12.5%.
However Indian steel-makers are planning for another hike of INR 1000/MT in the first week of Apr’17.As far as demand is concerned it has started to pick-up in the domestic market. Therefore further rise in prices might be absorbed in the Indian flat steel market.
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