India: Arrival of Monsoon Hits Domestic PPGI Prices
SteelMint in conversation with trade participants shared that domestic PPGI prices witnessed further correction by upto INR 750/MT this week as arrival of monsoon season lead to bearish market sentiments and slowdown of trade activities in domestic market.
Current reference prices in traders market of retail section for PPGI (0.5 mm, 90GSM) are hovering in the range of INR 57,000-61,000/MT (Ex-Mumbai) depending on companies make and INR 58,000-60,500/MT (ex-Delhi).The prices mentioned above are basic prices excluding GST@18%.
Also owing to subdued trades and weak purchases domestic PPGI prices witness continual decline. Meanwhile end users are also showing weak buying interest amid ongoing monsoon season”shared by traders based in Mumbai region
Further they shared that domestic PPGI prices may witness further slump since HRC & CRC prices are hovering at 1.5 years low in domestic market.
Domestic Galvanized plain coil prices- Currently trade reference prices for Galvanized plain coil (0.8 mm, 120 GSM) is at INR 50,000-50,750/MT (ex-Mumbai),INR 49,000-50,000/MT (ex-Delhi),INR 49,500-50,500/MT (Ex-Hyderabad) and INR 50,000-51,000/MT (Ex-Chennai).The prices mentioned above are basic and GST extra @18% is applicable.
source: SteelMint
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