India: Sluggish Trades Soften HRC Prices in Domestic Market

Indian HRC prices reported slight decline this week amid sluggish trades prevailing in domestic market amid ongoing elections.

Weak buying interest among end users and lackluster demand led to correction in HRC prices this week. Prices have come down by around INR 500/MT.

Current trade reference prices in traders market for HRC (IS2062) 2.5 mm-8 mm is around INR 42-000-42,500/MT (ex-Mumbai) and INR 41,700- 41,800/MT (ex-Delhi) and INR 44,000/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 47,000-47,500/MT (ex-Mumbai),INR 45,800-47,500/MT (ex-Delhi) and INR 51,000/MT (ex-Chennai).The prices mentioned above are basic prices excluding GST@18% on cash payment basis.

A trader based in Kolkata shared that,” Inquiries are very less and sales volumes reported decline due to ongoing general assembly elections”

Another trade sources from Mumbai commented that,”Major projects are on hold amid absence of proper funds due to elections”.