Indian manufacturers are eyeing for another price hike of around INR 1,000-1,500/MT amid costlier imports over rising global prices and improved export realizations.
Indian steel makers are anticipating further hike in flat steel prices by INR 1000-1500/MT in Aug’17 as the buying activity has started to pick up in the domestic market,post GST regime.
Another reason cited for hike in offers is global flat steel prices has shown drastic hike in last six weeks. Rising global prices has turned imports costlier providing room to domestic steel makers to raise offers.
As per SteelMint assessment,current reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 35,500-36,000/MT (ex-Mumbai),INR 35,500-35,900/MT (ex-Delhi) and INR 35,500/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 39,500-40,000/MT (ex-Mumbai),INR 41,000/MT (ex-Delhi) and INR 40,000-40,500/MT(ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18%.
A trader based in Chennai quoted”Indian flat steel prices may witness upward momentum coming week as the positive demand drives up the prices in the domestic market”.
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