Indian Flat Steel Trade Activities Remain Dull Amid Festive Holidays

Indian flat steel market reported correction of INR 500-700/MT in traders market ahead of Dussehra holidays.

Indian has further witnessed marginal decline in flat steel prices by INR 500-700/MT W-o-W basis. Ahead festive holidays, weak buying interest in domestic market resulted in fall in prices. Markets are likely to resume trade activities from next week.

Besides this, arriving import bookings are also another factor pressurizing domestic prices. Market sources reported that considerable quantity of import bookings have arrived in Mumbai port recently.

Currently, reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 38,000 -38,750/MT (ex-Mumbai), INR 38,500/MT (ex-Delhi) and INR 39,500-40,000/MT (ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%.

As per SteelMint assessment current reference prices (basic) for CRC (IS513) 0.9mm is hovering in the range of INR 42,500-43,000/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi) and INR 44,000/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.