India: Domestic PPGI Prices on Upside over Restocking Demand

This week Indian PPGI prices continued to remain on upside over restocking demand among end users. Bullish market sentiments on improved demand and higher raw material cost compelled Indian mills to raise PPGI offers in domestic market.

Current reference prices in traders market for PPGI (0.5 mm,90GSM ) are hovering in the range of INR 61,250-61,500MT (Ex-Mumbai).The prices mentioned above are basic prices excluding GST@18%.

Offers from another major Indian steel maker for the same grade are heard around INR 62,000-63,000/MT (Ex-Mumbai, GST@18%).

In Delhi, PPGI (0.8 mm 90 GSM) trade reference prices is around INR 62,500-63,500/MT (ex-Delhi,GST extra @18%).

However few traders also commented that, "Less inventories with end users has resulted in restocking demand which has supported increase in prices in traders market".

Domestic Galvanized Plain Coil prices prices increase further-Domestic Galvanized plain coil prices increase further in traders market by INR 500-1000/MT this week.

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