Indian Mills to Hike HRC & CRC Prices by INR 750-1000/MT (USD 11- 14)

Major Indian steel manufacturers are planning to further raise HRC and CRC prices in domestic market by INR 750-1000/MT. The revised offers are expected to come into effect from early next week.

As per sources, price hike expected is owing to lesser availability of material in domestic market. Along with this restocking demand among traders and absence of imports are other factors that boosted domestic price hike.

Indian steel producers namely JSW, SAIL,JSPL and ANMS will increase the prices shortly which will be effective from Monday onwards.This will be the second consecutive hike in Jan'20.

After hike company indicative prices of of HRC ( IS2062 2.5 - 8mm) will be INR 38,000- 38,500/MT and for CRC (0.9mm Gr O) INR 43,000-43,500/MT (Ex-Mumbai) .Prices mentioned above are basic and extra GST @18% is applicable.

Prior to this, in the beginning of this month major Indian steel mills raised HRC & CRC prices by INR 1,500-2,000/MT in domestic market.

Meanwhile, increase in raw material prices also resulted to hike in steel prices in Jan'20.

However traders and stockists have already raised prices in domestic market over improved buying. 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

In line with this, Indian steel mills have also raised HRC export offers by USD 530-535/MT, CFR Vietnam on the back of strong sentiments in local market and limited allocations.