SteelMint in conversation with market sources learned that major Indian steel manufacturers may roll over flat steel prices for the month of August.However confirmation from company officials is still awaited.
Amid sluggish demand and slow movement of material in domestic market along with limited exports bookings, companies may offer some rebates to attract buyers.
Last month also Indian steel mills had kept domestic prices unchanged over weak purchases.
Current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 44,500-45,000/MT (ex-Mumbai),INR 44,500/MT(ex-Delhi) and INR 45,000/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.?
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 49,500-50,000/MT (ex-Mumbai),INR 49,500/MT (ex-Delhi) and INR 51,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.
Indian HRC export offers decline – Owing to cheaper HRC offers from Chinese mills and competitive domestic HRC prices in Vietnam lead to decline in Indian HRC export offers by USD 5-8/MT W-o-W to USD 593-605/MT CFR Vietnam.
Indian HRC export offers fell by USD 10-15/MT on monthly basis and was assessed at USD 613-615/MT CFR basis in the beginning of July.
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