Indian domestic hot volume demand remains weak, Mumbai 3mm hot coil ex-factory price stably keep at 3.55-3.65 million rupees/ton (551-560 US dollars/ton), tax price of 42,400,000 rupees/ton.
Indian government will implement a new GST bill from July 1, but the lack of details of the bill so far has exacerbated the market's concerns about how to implement taxes in the future. Chinese domestic hot roll sales are still slow this week, and buyers want to avoid paying taxes that may be invalid or later. Steel mills are also waiting to see the possible impact of the bill, to maintain the price of heat volume stability.
At present, Indian hot-rolled tax includes 5% VAT and 12.5% GST, which will no longer apply since July 1, and steel buyers will pay only 18% of the GST ( GST). When the new bill is implemented, buyers may begin to replenish, and the demand for next month is expected to improve.
Prime Steel Pipe as a steel pipe manufacturer and expoter, India also is our target market. Next, we will keep a focus on Indian market dynamics to deal with in a timely manner.
