Indian Domestic HRC Prices in Trade Segment Continue Uptrend

This week domestic HRC prices witnessed further increase by upto INR 500/MT across the major markets owing to supply constraints in few regions. Limited supplies from few mills in northern India along with restocking demand in the domestic market have kept market sentiments supported. Meanwhile absence of imports to India from FTA nations can push prices further in the domestic market, stated market sources.

Current trade reference prices for HRC stands at INR 37,250-37,500/MT (ex-Mumbai), INR 38,000-38,250/MT (ex-Delhi), and INR 38,000-38,500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Current trade reference CRC (0.9mm, IS 513) prices on a weekly premise assessed at INR 43,500-44,000/MT (ex-Mumbai), INR 42,000-43,500/MT (ex-Delhi), and INR 43,500-44,500/MT (ex-Chennai). Prices mentioned above are basic, and extra GST@ 18% will be applicable.

Meanwhile few major Indian steelmakers have raised HRC export offers to Vietnam by USD 10-15/MT W-o-W amid limited allocations for exports to overseas nations on the back of tight supply.

Last week major Indian steel mills announced hike in domestic HRC & CRC prices by INR 1500-2000/MT for Jan'20.