Indian HRC prices downward
2014-11-25 09:10:46 [Print]
BEIJING (Asian Metal) 25 Nov 14 - HRC prices in India move downward continuously as the import offers keep decreasing. Though the local government is suggested to hike the import duty from 7.5% to 15%, the new policy has not been decided yet.
An HRC trader in Gurgoan reveals to Asian Metal that the current price for the main grade IS2062 3.0mm*1,250mm*C from local mills is INR35,000/t (USD566/t, VAT excluded), down by INR500/t (USD5/t) over the week before.
Noted by the source, the local downstream demand is shrinking due to the slow economy. At the same time, imported hot rolled coils with lower cost arrived at port in large quantities at the beginning of the month. “Now we can even offer discounts based on the above offer to make deals,” he reveals, with 2,000t new materials arrived at port two weeks ago.
Another HRC trader in Gujarat reveals that the price for above grade from local mills is INR33,000/t (USD533/t, VAT excluded) for large orders, down by INR400/t (USD6/t) over the beginning of the month.
About the competition from imported hot rolled coils, the source does not so worry as the local government is planning to impose a 15% import duty and the exchange rate of Indian rupee against dollar increased due to the widening fiscal deficit in India. As for the coming market, the source plans to watch the market cautiously for now.
An HRC trader in Gurgoan reveals to Asian Metal that the current price for the main grade IS2062 3.0mm*1,250mm*C from local mills is INR35,000/t (USD566/t, VAT excluded), down by INR500/t (USD5/t) over the week before.
Noted by the source, the local downstream demand is shrinking due to the slow economy. At the same time, imported hot rolled coils with lower cost arrived at port in large quantities at the beginning of the month. “Now we can even offer discounts based on the above offer to make deals,” he reveals, with 2,000t new materials arrived at port two weeks ago.
Another HRC trader in Gujarat reveals that the price for above grade from local mills is INR33,000/t (USD533/t, VAT excluded) for large orders, down by INR400/t (USD6/t) over the beginning of the month.
About the competition from imported hot rolled coils, the source does not so worry as the local government is planning to impose a 15% import duty and the exchange rate of Indian rupee against dollar increased due to the widening fiscal deficit in India. As for the coming market, the source plans to watch the market cautiously for now.
