India: Domestic HRC Prices Fall Further on Dull Trades

Domestic HRC prices fell by around INR 500-1000/MT (USD 6.5-13) in the traders market this week.With hardly 15-20% of trades taking place, markets are yet to resume trades fully.

SteelMint's current assessment for HRC (IS 2062, 2.5 - 8mm) stands at INR 37,000-37,250/MT (ex- Mumbai),INR 37,000-37,500/MT (ex-Delhi),and INR 38,500- 39,000/MT (ex- Chennai).The prices mentioned above are basic, and extra GST @18% is applicable.

CRC prices are assessed at INR 42,500-43,500/MT (ex- Mumbai) and INR 43,500-44,000/MT (ex- Chennai) and INR 42,200- 44,500/MT (ex- Delhi). All prices mentioned above are basic, and extra GST @18% is applicable.

Absence of labors, limited orders along with disturbance in payment cycle fueled bearish market sentiments and resulted to fall in prices, highlighted trade participants of southern and western India.

On the other side, Indian steel mills raised HRC export offers by USD 15-20/MT towards end of last week for Jul'20 deliveries.