India: Domestic HRC Prices in Traders Market Correct by INR 500-1000/MT (USD 7-14)

Upcoming general assembly elections, end of fiscal year combined with cheaper imports have kept Indian domestic HRC prices under pressure.

This week domestic HRC prices corrected by INR 500-1000/MT in traders market.Current trade reference prices in traders market for HRC (IS2062) 2.5 mm-8 mm is around INR 42,000/MT (ex-Mumbai) and INR 41,800/MT (ex-Delhi) and INR 44,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.

Meanwhile domestic CRC prices corrected by around INR 1000/MT this week in few regions.Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 47,000/MT (ex-Mumbai), INR 45,800-48,200/MT (ex-Delhi) and INR 50,500/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.

Meanwhile few market sources shared that upcoming elections scheduled in the month of April-May also led to bearish sentiments in domestic market. Also, approaching close to fiscal year end, many market participants are busy settling their accounts.

Arrival of HRC shipments vessels from Iran have also kept domestic HRC prices under pressure. These shipments were booked in the month of Jan'19 at USD 450-455/MT CFR basis. Thus landed cost of imports are cheaper than prevailing domestic prices.