Indian Domestic HRC & CRC Trade Prices Remain Stable

This week domestic HRC & CRC prices in India have remained stable in major markets amid mixed response in traders market. In the beginning of the month Indian major mills announced hike in flat steel prices by INR 1000-1500/MT following which prices moved up in traders market last week as well.

This week market participants reported firm demand in Mumbai and Faridabad regions. Thus these regions witness marginal uptrend by INR 500/MT in domestic HRC & CRC prices. However other markets like Hyderabad and Ludhiana reported dull market sentiments.

Thus current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 46,500/MT (ex-Mumbai), INR 46,500/MT (ex-Delhi) and INR 46,500/MT(ex-Chennai). The prices mentioned above are basic prices excluding GST @ 18% on cash payment basis.

Currently trade reference prices for CRC (IS513) 0.9mm is hovering in the range of INR 51,500-52,000/MT (ex-Mumbai),INR 52,000-52,500/MT (ex-Delhi) and INR 52,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.

Previously,in the month of August'18 few major mills cut HRC & CRC prices by INR 500-750/MT amid slow demand and prevailing monsoons.