Indian PPGI Prices Soften Over Bearish Sentiments
Indian PPGI prices softened this week owing to bearish market sentiments and weak buying interest along with moderate demand prevailing in domestic market.
Thus current reference prices in traders market of retail section for PPGI (0.5 mm, 90GSM) are hovering in the range of INR 59,250-62,500/MT (Ex-Mumbai) and INR 59,000-62,500/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST@18%.Prices are lower by INR 250-300/MT against last week.
Market sources shared that “PPGI prices may correct in upcoming month as current prices can't be absorbed in traders market.”
Meanwhile buyers are also expecting price support in form of discounts and rebates to increase buying.
In the beginning of this month,major Indian steelmakers have announced roll over in PPGI (Pre Painted galvanized prices) for May deliveries.
Domestic Galvanized Plain Coil prices in traders market- This week GP prices witnessed decline in major markets like Delhi and Mumbai over lackluster buying.
Currently trade reference prices for Galvanized plain coil (0.8 mm, 120 GSM) is at 50,750-51,250/MT (ex-Mumbai) and INR 51,500-52,000/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST@18%.
source: SteelMint
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