It is reported that almost all the Indian steel majors have hiked their prices for flat products for sales in October 2011.
The hike for HRC is reported to be in the range of INR 1250 per tonne to INR 2000 per tonne.
Although the hike is propelled by the sentiment of limited availability due to shortage of iron ore, INR hovering close to 50 has also played an important role.
Anticipating this hike, traders had started hiking HR prices in some of the locations one week before close of September and since September 23rd 2011 PI-HRC has gained by 2.5%
| 23-Sep | 30-Sep | 3-Oct | Change | % |
| 8296 | 8460 | 8501 | 205 | 2.5% |
HRC
| Size | Change |
| Mumbai | 6.3% |
| Indore | 5.9% |
| Delhi | 4.2% |
| Ahmedabad | 2.4% |
| Ludhiana | 0.5% |
| Chennai | 0.0% |
| Kolkata | 0.0% |
Change is on October 3rd as compared to September 23rd 2011
Thus some of the important locations are yet to catch up.
But the buyers are not convinced that the hike announced by the Indian steel majors will stick in full and would like to wait for the market to stabilize.
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Products covered
1. Input materials - Iron ore, scrap, sponge iron, pig iron pencil ingot, billets and blooms
2. Long products - Rebar, wire rod, angle, channel and joists
3. Flat products - Narrow plates, wide plates, HR, CR and galvanized
4. Others - Pipes
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(Sourced from www.steelprices-india.com)
