Mining News Pro - This week India’s domestic HRC & CRC prices increased by INR 500-1000/MT in traders market on anticipation of increase in flat steel prices by major Indian steel mills in October.
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According to Mining News Pro - This week India’s domestic HRC & CRC prices increased by INR 500-1000/MT in traders market on anticipation of increase in flat steel prices by major Indian steel mills in October.

Market participants shared with SteelMint that this week domestic HRC & CRC prices reported hike in traders market by INR 500-1000/MT against last week.Traders in domestic market have increased prices beforehand as major Indian steel manufacturers are likely to announce price hike.

Announcement regarding price revision is expected to be made shortly. Major mills have planned for price hike of INR 1000-1500/MT for October. Govt. owned mill - SAIL has already announced hike of INR 500/MT last week and revised prices have come into effect from 21st Sept’18.

Thus current trade reference prices for HRC (IS2062) 2.5 mm-8 mm is around INR 47,000-47,250/MT (ex-Mumbai), INR 47,000-47,200/MT (ex-Delhi) and INR 47,000/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 53,000-53,500/MT (ex-Mumbai), INR 53,500/MT (ex-Delhi) and INR 52,500-53,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.

Few trade sources commented that,”Flat steel prices is continuously showing upward momentum in the domestic market on higher production cost.However demand is not coping up in that pace”.

Today NMDC (National Mineral Development) has increased iron ore prices by around INR 200/MT in fines and INR 300/MT for lumps from its Chhattisgarh mines.This is the second time miner has raised iron ore prices within a month.Thus surge in iron ore prices further escalate the prices of flat steel in domestic market.

Costlier imports amid depreciated Indian currency along with govt’s proposed hike in steel import duty is also supporting price hike by mills.

However further hike in flat steel prices shall be absorbed in domestic market or not still remains a question amid average demand prevailing in domestic market.

 


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