This week Indian HRC & CRC prices witnessed uptrend in traders market post announcement of price hike by major steel manufacturers towards end of last week.
Major Indian steelmakers had announced price hike of INR 750-1000/MT in flat steel for Feb deliveries in anticipation of higher steel prices in global market post Chinese New Year holidays.
Thus its effect is also seen in HRC & CRC prices in traders market this week by INR 500-1000/MT.
Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 40,500-41,000/MT (ex-Mumbai) and INR 41,000 /MT (ex-Delhi) and INR 43,000-44,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 46,000/MT (ex-Mumbai) and INR 45,300-47,300/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
Few trade participants shared,”Indian mills have raised flat steel prices in domestic market amid subdued demand and limited trade activities in domestic market.Thus increased prices shall be absorbed or not is a matter of concern.”
However In the month of January,domestic HRC prices in traders market recorded one year low as same level were seen in Dec’17.Thus domestic HRC prices witness significant fall last month amid sluggish trades and tedious buying prevailing in domestic market.Thus Indian mills were also providing rebates and discounts to push buying.
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