India- GP Buying Turns Weak on Less Trades

After witnessing firm demand in past few weeks, GP prices have come under pressure this week.Trade sources expect Indian GP prices to decline in near term owing to less trade activities compared to previous weeks.Besides this drop in other flat products prices has pushed the GP prices to come under pressure in domestic market.

Domestic GP prices in India have witnessed drop this week amid less trades. Prices of 0.80 mm GP across other major markets are hovering in the range as follows: Mumbai - INR 55,000-55,500/MT; Delhi - INR 53,000/MT and INR 54,500/MT in Chennai. In Hyderabad GP offers are hovering in the range of INR 55,000-55,500/MT. Prices are inclusive of Excise Duty of 12.5%; VAT/CST extra.

Traders are also seen offering rebates/discounts to attract potential buyers.

China-HDG Prices Rebound On Strengthening Domestic Market
Chinese manufacturers have surged the HDG prices by USD 5-10/MT on account of bullish sentiments prevailing in China's domestic market.Since China's domestic market have eventually became optimistic results to rise in HDG export prices

China's 1mm HDG export offers are hovering in the range of USD 530-535/MT, FoB China. Last week the same was heard in the range of USD 520-530/MT on FoB basis.

Some major mills are also offering in the range of USD 540/MT,However manufacturers have kept enough scope for bargaining by USD 5-10/MT due to low buying activity in the domestic market.

Besides this manufacturers are also eyeing on the South East Asia,South America and North America for HDG market because Europe is trying impose anti dumping duty on Chinese product.