India: Dull Buying Weighs on Domestic HRC Prices in Trade Segment

Domestic HRC prices in traders market softened further by around INR 500-750/Mt W-o-W basis over low demand

This week trade participants shared that domestic HRC prices softened further by around INR 500-750/MT. Traders had already purchased good quantities earlier in fear of further increase in prices and are holding decent stock in hands.

Thus, the current trade reference prices for HRC stands at INR 38,500-39,000/MT (ex-Mumbai), INR 38,250-38,500/MT (ex-Delhi), and INR 39,250 - 40,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

The current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 45,000-45,500/MT (ex-Mumbai), INR 42,700- 45,000/MT (ex-Delhi), and INR 45,500-46,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Trade sources based in Mumbai shared that, "Prices may soften further towards the month end if demand doesn't pick up in the domestic market. Also, traders are trying to liquidate the inventory ahead of end of financial year."

Meanwhile major Indian mills continue to hold same offers. However last week SAIL had raised HRC prices by INR 500/MT in domestic market . In the beginning of the month, all major Indian steelmakers have raised HRC prices by INR 750-1000/MT for Feb deliveries.