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India: Trade-level coated flat steel prices fall by up to INR 1,100/t

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BigMint Bureau

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28 Sep 2024, 13:24 IST

India: Trade-level coated flat steel prices fall by up to INR 1,100/t

Trade-level prices of coated flat steel products declined by up to INR 1,100/t towards the end of the week, driven by limited demand in the traders' market and weakening prices of other flat products.

The weekly assessment for galvanised plain (GP 0.8 mm/CTL, 120 gsm) in sheet form dropped by INR 1,100/t to INR 57,200/t exy-Mumbai, with prices ranging between INR 56,500-58,000/t. Similarly, pre-painted galvanised iron (PPGI- 0.5 mm/CTL, 90 gsm) fell by INR 1,000/t to INR 66,000/t exy-Mumbai, with prices between INR 65,500-66,500/t as of 26 September 2024. These prices are exclusive of 18% GST.

Market highlights

Limited demand: There was limited demand in the market as the festive season is near. However, prices continued to fell owing to quarter end selling pressure.

HDGI export offers remain stable: In the current week, export offers for hot-dipped galvanised iron (HDGI) coils (0.50 mm, 900-1,250 mm) were assessed at $735/t FOB west coast, stable against last week's prices.

HRC, CRC prices remain range-bound: Trade-level hot-rolled coil (HRC) and cold-rolled coil (CRC) prices remained range-bound at INR 46,000-51,000/t and INR 55,500-60,000/t, respectively, across various markets.

Outlook

Given the limited demand and upcoming festival season, prices of value-added coated steel products are expected to follow the same path and remain range-bound at current levels.