India: Domestic HRC Prices Hit Over 4 Month Low
Domestic HRC prices in traders market have come down further by INR 500-1000/MT against last week and are hovering almost 4-months low.
This week Indian HRC prices registered further decline by INR 500-1000/MT in the back of monotonous demand along with pessimistic sentiments prevailing in domestic market. Last week also domestic HRC prices declined by INR 500-1000/MT in traders market over dull market sentiments.
Domestic HRC prices have hit 4 months low. Similar levels were recorded in the month of Feb’19.
SteelMint’s HRC (2.5-8mm, IS2062) trade reference prices is around INR 40,000/MT (ex-Mumbai), INR 40,000-40,500/MT (ex-Delhi) and INR 42,000-42,500/MT (ex-Chennai) this week. Prices mentioned above are basic and extra GST@ 18% will be applicable.
Currently CRC (0.9mm, IS 513) trade reference prices is around INR 45,000/MT(ex-Mumbai),INR 43,250-45,000/MT (ex-Delhi) and INR 46,000-47,000/MT (ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Thus slowdown in auto sector, construction activities amid delayed funding from government has resulted to slump in demand in domestic market. This resulted domestic HRC prices under pressure.
As per reports, the Indian steel industry is seeking a safeguard duty of 25% on ad valorem on a wide range of steel products in order to compete with increase in imports. However clarity/announcement is awaited.
source: SteelMint
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