India: Domestic HRC Offers Remain Under Pressure Over Low Priced Imports
This week Indian HRC trade prices continue to fall in few markets like Chennai, Ahmedabad and Hyderabad as demand failed to improve in domestic market. However in other regions like Mumbai , HRC prices have remained unchanged this week.
Meanwhile trade sources reported that Indian HRC import offers decline for June end -July shipments resulting to domestic HRC prices under pressure.
Domestic HRC & CRC prices in few markets have come down by INR 500-1000/MT W-o-W.Currently HRC (2.5-8mm, IS2062) prices in traders market is around INR 41,000-41,500/MT (ex-Mumbai),INR 41,200/MT (ex-Delhi) and INR 43,500-44,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently CRC (0.9mm,IS 513) in traders market is around INR 45,000-46,000/MT(ex-Mumbai),INR 45,500/MT (ex-Delhi) and INR 50,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
SteelMint learned from market sources that Indian steel mills booked around 20,000 MT of HRC at USD 540/MT CFR basis for June July shipments.Thus landed cost of HRC is hovering around INR 39,000-39,500/MT.
Owing to cheaper imports arriving to India from Korea and Japan amid Free trade agreement have pressured sales volumes in domestic market.
Few trade sources reported that, “Inactive buying, liquidity issues, arrival of cheaper imports and poor demand kept HRC trades sluggish in domestic market. Also amid awaited results of of general assembly elections, domestic HRC market remained largely dull”.
source: SteelMint
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