India: Domestic PPGI Prices Remain Firm Amid Improved Buying

This week domestic PPGI prices remained stable post hike in prices by major manufacturers by INR 1000/MT last week.

According to market sources report to SteelMint, price assessment of PPGI (0.5mm, 90 GSM) of major manufacturers is around INR 62,500-63,500/MT (ex-Delhi, GST @ 18% extra) and INR 59,000 - 60,000/MT (ex-Mumbai, GST @ 18% extra).

However PPGI (0.5 mm, 90 GSM ) offers from major Indian steel mill - JSW Steel are hovering on higher side which stood at INR 71,000-71,500/MT (ex-Mumbai).

Market participants mentioned that buying has improved in domestic market.Also not much fresh import bookings for PPGI has been heard in the market as Indian Steel Ministry notifying Quality Control Order on color coated and Galvanized steel in mid of Feb'18.Thus fall in PPGI import volumes can prove boon for colour-coated steel manufacturers in India.

Domestic GP Prices in Traders Market Increase by INR 1000/MT in Apr'18 - Major Indian manufacturers have increased GP (Galvanized Plain Coil) prices upto INR 1000/MT in the month of Apr'18 which has shown its effective increase in traders market this week.

Currently price assessment for Galvanized plain coil (0.8 mm, 120 GSM) is at : INR 54,500-54,750/MT (ex-Mumbai), INR 56,000/MT (ex-Delhi) and INR 56,500-60,000/MT (ex-Hyderabad) and INR 55,000-55,500/MT (ex-Chennai).

Indian HDGI export offers Fell by USD 15/MT - Indian HDGI ( Hot Dip Galvanized Iron) witness decline in export offers by USD 15/MT against previous assessment.

Currently Indian HDGI (SGCC dx 51a) export offers are heard at USD 830-835/MT FoB India. This will be equivalent to USD 870-875/MT CFR Europe. As per previous assessment made in mid of Mar'18 which was recorded at USD 885-890/MT CFR Europe then.