Major Indian steel manufacturers have surged the flat steel by INR 1500/MT on improving domestic demand coupled with better export realizations in global market.
SteelMint learned from market sources that major Indian steel makers have raised flat steel prices by INR 1500/MT in line with rising global flat steel prices leading to improved realizations in exports.
Moreover,Indian HRC export offers have moved up by USD 10-15/MT, W-o-W basis amid rising Chinese HRC export offers.
As per SteelMint assessment,current reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 37,500/MT (ex-Mumbai),INR 36,500/MT (ex-Delhi) and INR 37,000/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 42,000-43,000/MT (ex-Mumbai),INR 41,000-42,000/MT (ex-Delhi) and INR 42,000/MT(ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%.
Eventually after GST tax regime flat steel prices have increased upto INR 2000/MT in domestic market.However increased prices will take some time to be absorbed in domestic market.
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