India: Improved Trades Keep Domestic HRC Prices Supported

This week, Indian HRC prices remained largely stable in major markets owing to sustained demand and improved sentiments in domestic market. However in southern region prices increased on a weekly basis.

Few market participants shared that, "Decent export bookings on higher offers and restocking activities post Diwali holidays propelled mills to increase the prices in the beginning of Nov'19 ".

As per SteelMint's price assessment, current trade reference prices in traders segment for HRC (IS2062, 2.5-8mm) is at INR 35,000-35,500/MT (Ex-Mumbai), INR 34,500-35,000/MT (ex-Delhi) and INR 35,500-36,000/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Currently, domestic CRC (0.9mm, IS 513) trade reference prices on a weekly premise are hovering around INR 39,000-40,000/MT (ex-Mumbai), INR 38,500- 39,000/MT (ex-Delhi) and INR 39,000-40,000/MT (ex-Chennai).Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Meanwhile Indian steel mills are simultaneously focusing on export market also over improved bids.This week Indian mills raised HRC export offers to USD 450-455/MT CFR Vietnam which was USD 440- 442/MT CFR basis last week.