India: Domestic PPGI Prices Likely to Fall on Subdued Trades

This week domestic PPGI prices have remained mostly stable bearish market sentiments and sluggish buying prevailing in domestic market.

Current reference prices in traders market of retail section for PPGI (0.5 mm,90GSM )are hovering in the range of INR 60,000-61,000/MT (Ex-Mumbai).The prices mentioned above are basic prices excluding GST@18%.

Offers from a major Indian steel maker for the same grade are heard around INR 63,000/MT (Ex-Mumbai, GST@18%).

In Delhi PPGI (0.8 mm 90 GSM) trade reference prices is around INR 59,000-60,000/MT (ex-Delhi,GST extra @18%).

Market sources commented that,"Decline in HRC & CRC prices in traders market may lead to further correction in PPGI prices next week".

Last week domestic PPGI prices witnessed decline by INR 750-1000/MT in traders market.However major mills are trying to provide discounts to increase buying.

Domestic Galvanized Plain Coil prices in traders market- Domestic Galvanized plain coil prices also witness decline this week by INR 500-1000/MT following correction in HRC & CRC prices in traders market.

Currently trade reference prices for Galvanized plain coil (0.8 mm, 120 GSM) is at 51,000 - 52,500/MT (ex-Mumbai),INR 49,500-50,000MT (ex-Delhi),INR 49,500-50,000/MT (ex-Hyderabad).The prices mentioned above are basic prices excluding GST@18%.