India: Domestic HRC & CRC Prices in Traders Market Continue Uptrend

Indian domestic HRC prices increased by upto INR 750-1000/MT W-o-W and CRC prices surged by upto INR 1500/MT in major markets ahead of mills price hike announcement for Jan'20.

SteelMint learned from market sources that traders and stockists have raised HRC & CRC offers this week in advance as major Indian steel mills are planning to announce hike of around INR 1500/MT in Jan '20.

Thus amid bullish market sentiments, improved demand and increase in raw material prices have resulted in hike in steel prices in Jan'20.

Along with this absence of imports and increase in export bookings to overseas markets are other factors which have supported domestic price hike.

Current trade reference prices for HRC stands at INR 37,000-37,500/MT (ex-Mumbai), INR 37,500-38,000/MT (ex-Delhi), and INR 37,000-38,000/MT (ex-Chennai).Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 43,000-43,500/MT (ex-Mumbai), INR 41,700-43,000/MT (ex-Delhi) and INR 43,000-43,500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Mumbai based traders shared," buyers are restocking material beforehand in fear of further hike in prices in Jan '20, following which trade segment has raised offers".