India - Domestic HRC Prices Soften; Imported Offers Decline
Ongoing elections, rising inventory among traders, poor sales volumes, low liquidity along with dull demand continued to keep domestic HRC market under pressure.
Currently HRC (2.5-8mm, IS2062) prices in traders market is around INR 41,000-41,500/MT (ex-Mumbai), INR 41,500-41,700/MT (ex-Delhi) and INR 44,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable. Prices in few markets have come down by INR 500-1000/MT this week however in other markets offers remained firm.
Currently CRC (0.9mm,IS 513) in traders market is around INR 46,000-46,500/MT(ex-Mumbai),INR 45,000-46,500MT (ex-Delhi) and INR 50,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Trade sources shared that," Indian HRC prices likely to fall further in domestic market owing to awaited election outcome, delayed payments for construction projects and weakening prices in export market”.
Meanwhile cheaper imports from major exporting nations like Japan and Korea may put pressure on domestic HRC prices since global HRC offers have started falling. SteelMint learned that current HRC (SAE 1006) offers from South Korean mills are at USD 545-550/MT, CFR India for which the landed cost will come to around INR 40,100-40,500/MT. As per sources negotiations are going on however deals have not been finalized yet.
In the beginning of the month, major Indian steel mills rolled over flat steel prices for May deliveries. However amid sluggish buying, traders are expecting discounts and rebates to push buying interest.
source: SteelMint
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