Indian Domestic HRC Prices Slump Further Over Thin Buying
Indian HRC prices witnessed further downside this week by around INR 750-1000/MT on the back of mute buying, liquidity issues and inactive demand prevailing in domestic market. Meanwhile prices in northern India like Faridabad and Delhi witnessed significant fall of around INR 800-1500/MT this week.
As per SteelMint price assessment trade reference prices for HRC (IS2062, 2.5-8mm) is currently at INR 38,000/MT (Ex-Mumbai), INR 37,000-37,200MT (ex-Delhi) and INR 39,000-40,000/MT(ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Meanwhile CRC (0.9mm, IS 513) prices also fell by INR 750-1000/MT on weekly basis and are currently hovering around INR 43,500-44,000/MT (ex-Mumbai), INR 41,000-43,500/MT (ex-Delhi) and INR 43,500-44,500/MT(ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.
Last week domestic flat steel prices fell by INR 500-1000/MT over sluggish demand.
Indian HRC prices continued to remain under pressure in Jun-Sep as these months experience seasonal slowdown amid ongoing rainy season. Also absence of robust demand from auto sector and delayed funding for major projects continue to drag down HRC prices further in domestic market.
As per SteelMint price assessment, domestic HRC prices started to weaken since mid Apr’19.On an average basis domestic HRC prices stood around INR 42,500/MT (ex-Mumbai) in Apr’19 .Prices have come down by INR 4,200/MT since beginning of this fiscal.
Amid ongoing discussions for safeguard duty, Indian importers have also remained silent and kept themselves away from booking HRC from countries like China, Japan & Korea.
source: SteelMint
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