India: Domestic Color Coated Steel Prices Up on Robust Demand
Domestic prices of PPGI (Pre-painted Galvanized Iron) in India surged by around INR 1000-1250/MT this week over improved demand and active buying prevailing in the domestic market.
Also SteelMint learnt from company officials that Indian steel mills are planning to announce hike in color coated steel and galvanized steel prices by around INR 2000/MT in Jan '20.
Increase in consumer spending amid bullish market sentiments propelled traders to increase PPGI offers in domestic market.
Thus, the current PPGI trade reference prices stand at INR 54,750-55,500/MT (ex-Mumbai) and 55,000-56,000 (ex-Delhi).The prices mentioned above are basic and GST extra @18% is applicable.
Market sources shared,"The restocking demand from the down-stream users gained momentum as retailers and consumers have boosted their purchase activities on the back of optimistic market sentiments prevailing in the domestic market”.
Also demand is robust because of next month increase in domestic market” shared by color coated trader based in Mumbai.
Meanwhile in trade segment domestic GP prices on a weekly basis increases by INR 750-1250/MT in the major markets like Delhi and Mumbai.
Current trade reference prices for Galvanized plain coil (0.7- 0.8 mm, 120 GSM) is at INR 46,000-47,000/MT (ex-Mumbai), and INR 46,500-47,500/MT (ex-Delhi). The prices mentioned above are basic, and GST extra @18% is applicable.
source: SteelMint
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