Major Indian steel makers have rolled over flat steel prices for the month of Oct’17 amid lower sales volumes and lackluster demand prevailing in the domestic market. However market participants mentioned that SAIL has increased prices by INR 500-800/MT in few markets like southern India owing to rise in railway freight rates depending on the location.
However in traders market, flat steel prices have remained unchanged this week.
On the other hand flat steel prices in the traders market are still on lower side by about INR 1,000-1,500/MT compared to that of manufacturers price.Hike of INR 2000/MT in the month of Sept was difficult to be absorbed in the domestic market.
Higher domestic offers,sluggish demand and imports from South Korea and Japan have put domestic prices under pressure. This has compelled manufacturers to increase rebates and discounts on bulk quantity purchases made in order to generate betters realizations.
Currently, trade reference prices (basic) for HRC (IS2062) 2.5 mm-8 mm are assessed in the range of INR 38,000-38,750/MT (ex-Mumbai), INR 38,500/MT (ex-Delhi) and INR 40,000-40,500/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 42,500-43,000/MT (ex-Mumbai), INR 44,500/MT (ex-Delhi) and INR 45,000-45,500/MT(ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18%.
Domestic Plate Prices in India Remain Stable
Indian Plate prices also remain unchanged this week owing to lean buying activity in the domestic market.Slump in demand may put pressure on flat steel prices in the domestic market.
Currently reference prices (basic) for plates (5-10 mm, IS 2062) for this week are heard at INR 38,000-38,500/ MT (ex-Delhi) and INR 37,500/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
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