Indian Steel Mills Roll Over Flat Steel Prices for May
In conversation with industry participants, SteelMint learned that major Indian steel manufacturers have rolled over HRC & CRC prices for May deliveries.
SteelMint learned that JSW Steel and SAIL have kept steel prices unchanged. It is expected that other mills will also follow the suit.
Effective price of HRC (2.5-8mm, IS2062) is hovering at INR 42,000/MT (ex-Mumbai). Prices mentioned above are basic and extra GST@ 18% will be applicable.Whereas, prices of CRC (0.9mm, IS513GR) is around INR 47,000/MT (ex-Mumbai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus Indian steel mills roll over flat steel prices amid ongoing election scenario along with sluggish trades prevailing in domestic market. Meanwhile cheaper imports of HRC from Japan, Korea and Iran have put domestic HRC prices under pressure.
As per SteelMint assessment trade reference prices of HRC in major markets like Mumbai and Delhi have come down to 1-month low.
Currently HRC (2.5-8mm,IS2062) in traders market is around INR 41,500-42,000/MT (ex-Mumbai),INR 42,000/MT (ex-Delhi).Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently CRC (0.9mm,IS 513) in traders market is around INR 46,500-47,000/MT (ex-Mumbai),INR 45,250-47,000/MT (ex-Delhi).Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus market participants are expecting that, demand will pick up and domestic HRC prices will remain supported post elections.
Previously in the month of April, Indian steel mills raised domestic HRC prices by INR 500/MT amid hike in imported HRC offers from major exporting nations
source: SteelMint
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