Indian steelmakers have reduced domestic PPGI (Pre Painted Galvanized Coils) prices by upto INR 1,000-1,500/MT M-o-M basis amid limited trades over seasonal slow down.
Market sources shared that low trade volumes over subdued buying resulted to correction in PPGI prices in domestic market.
Previously in the month of July major Indian steel mills had kept domestic PPGI prices stable over seasonal slowdown and dull buying interest prevailing in domestic market.
Trade sources believe market sentiments to remain dull this month too amid holidays and monsoons.
JSW Steel’s current prices is at around INR 68,500/MT (ex-Mumbai, GST extra). Last offers were around INR 70,000/MT for PPGI (0.5mm, 90 GSM).
Meanwhile few major manufacturers continue to offer PPGI (0.5mm, 90 GSM) at INR 62,000-63,000/MT (ex-Mumbai, GST extra). Last offers were at INR 63,000-64,000/MT (ex-Mumbai, GST extra).
However in Delhi, major manufacturers PPGI prices are heard around INR 63,500-64,000/MT (ex-Delhi, GST extra).
A trader based in Mumbai commented that,” Domestic PPGI prices expected to remain down in the month of September owing to bearish market sentiments and dull trades prevailing in domestic market”
Galvanized Plain Coil prices witness correction in domestic market Domestic GP (Galvanized Plain Coil) prices witness correction by INR 500-750/MT W-o-W in domestic market on account of limited buying in domestic buying.
Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 54,000-58,000 /MT (ex-Mumbai); INR 56,000-58,500/MT (ex-Hyderabad); INR 53,500-54,000/MT (ex-Delhi) and INR 55,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Leave a Reply