India: Weak Trades Soften PPGI Prices in Traders Market
This week Indian PPGI prices in domestic market softened amid slowdown in buying activities in traders market. Prices move down by around INR 500-700/MT in traders market this week.
Current reference prices in traders market for PPGI (0.5 mm,90GSM ) is assessed at INR 60,000/MT (Ex-Mumbai).The prices mentioned above are basic prices excluding GST@18%.
Offers from another major Indian steel maker for the same grade are heard around INR 63,000-63,500/MT (Ex-Mumbai, GST@18%).
In Delhi, PPGI (0.8 mm 90 GSM) trade reference prices is around INR 61,000-62,500/MT (ex-Delhi,GST extra @18%).
A trader based in Mumbai shared that,”Sluggish demand lead to weakening PPGI prices in domestic market”.
Thus domestic PPGI prices started weakening following decline in HRC & CRC prices in traders market.
Meanwhile major Indian steel mills may further revise PPGI prices shortly for April deliveries.
Domestic Galvanized Plain Coil prices prices decline: Domestic Galvanized plain coil prices also witness decline by around INR 500/MT in few regions.
Currently trade reference prices for Galvanized plain coil (0.8 mm, 120 GSM) is at 51,000-52,000/MT (ex-Mumbai),INR 52,000/MT (ex-Delhi),INR 53,000/MT (ex-Hyderabad).The prices mentioned above are basic prices excluding GST@18%.
source: SteelMint
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