Indian HRC Trades Soften Ahead of Festive Holidays; Prices Range Bound
This week Indian HRC trade prices have remained range-bound amid sluggish trades in domestic market. Market participants are in a festive mood since Holi festival is around the corner which has led to dull sentiments in domestic market.
Few major regions have observed decline of INR 500/MT in trade prices on weekly basis.
Current trade reference prices in traders market for HRC (IS2062) 2.5 mm-8 mm is around INR 42,500/MT (ex-Mumbai) and INR 42,500/MT (ex-Delhi) and INR 44,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.
Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 46,500-47,000/MT (ex-Mumbai), INR 47,000-48,000/MT (ex-Delhi) and INR 51,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.
A trader based in Delhi commented that,”Subdued buying in the traders market results to domestic HRC prices remain under pressure”.
Few other traders shared that,”Due to festive holidays starting from today domestic HRC prices remain softened this week and buying will resume post Holi holidays”.
However price hike happened in the month of March is not fully absorbed in the traders market thus buyers are expecting increase in discounts and rebates to escalate buying.
In the beginning of this month Indian major steel mills have raised HRC & CRC prices by INR 1000-1500/MT in line with higher raw material cost and surge in global steel prices.
source: SteelMint
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