India: Domestic PPGI Prices Firm; Market Sentiments Remain Bearish

This week domestic PPGI prices remained firm in traders market over bearish market sentiments and slow material movement prevailing in domestic market

Meanwhile in beginning of the month Indian steel manufacturers had cut PPGI prices by INR 1500-2000/MT following decline in HRC and CRC prices for the month of December.

Current reference prices in traders market of retail section for PPGI (0.5 mm,90GSM ) are hovering in the range of INR 61,000/MT (Ex-Mumbai).The prices mentioned above are basic prices excluding GST@18%.However JSW offers for the same grade are heard around INR 65,000-66,000/MT (Ex-Mumbai, GST@18%.) in traders market.

However PPGI (0.8 mm 90 GSM) trade reference prices in Delhi is around INR 61,000-62,000/MT (ex-Delhi,GST extra @18%).

A PPGI trader based in Delhi commented that,"Weak buying interest may lead to correction in PPGI prices in traders market.Thus buyers are postponing their purchase and expect decline in domestic PPGI prices".

Domestic Galvanized Plain Coil prices decline in traders market- This week domestic GP prices decline by around INR 500-1000/MT in traders market.

Currently trade reference prices for Galvanized plain coil (0.8 mm, 120 GSM) is at 51,000 - 53,500/MT (ex-Mumbai),INR 52,500/MT (ex-Delhi),INR 53,000/MT (ex-Hyderabad) and INR 53,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18%.