Indian steel mills are planning to increase flat steel prices by around INR 500-1000/MT (USD 7-14/MT) in Dec’19, SteelMint learned from its trade sources.Surge in international prices, decent export bookings reported to Vietnam by Indian mills for Jan’20 deliveries and improved trades after Diwali have collectively pushed mills to go for price hike in Dec’19.
Indian HRC export prices to Vietnam moved up by USD 20 /MT M-o-M in Nov’19. Latest offers from Indian mills stand at USD 470/MT, CFR Vietnam for Jan’20 shipments.
Meanwhile in trade market domestic HRC & CRC prices continue to witness uptrend on weekly basis over gradual improvement in trade inquiries.
Thus on weekly basis domestic HRC prices moved up by INR 500/MT.As per SteelMint’s price assessment, current trade reference prices in traders segment for HRC (IS2062, 2.5-8mm) is at INR 35,250-35,750/MT (Ex-Mumbai), INR 34,800-35,000/MT (ex-Delhi) and INR 35,500-36,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.
Also domestic CRC prices moved up by INR 500-750/MT W-o-W basis.Currently, domestic CRC (0.9mm, IS 513) trade reference prices are hovering around INR 39,500-41,000/MT (ex-Mumbai), INR 39,000- 41,000/MT (ex-Delhi) and INR 39,000-40,000/MT (ex-Chennai).Prices mentioned above are basic, and extra GST@ 18% will be applicable.
A trader in Mumbai commented that,”Absence of imports and lower inventories along with consistent improvement in demand shall boost the prices in the domestic market next month”.
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