Local Indian hot rolled coil (HRC) prices have remained stable during the past week at INR 35,000/mt ($526/mt ex-works, amid sustained buying interest from end-users and restocking by dealers, traders said on Monday, September 5.
“HRC prices have been consolidating at the higher levels after two consecutive weeks of gains. Most dealers are seen to be restocking ahead of the expected price increase by local steel mills for current month deliveries,” a Mumbai-based trader said.
“I feel that steel mills will go ahead with an across-the-board INR 500-1,000/mt ($7.5-15/mt) price increase, taking advantage of bullish market sentiments,” the trader added.
Market sources said that several large steel mills have been able to conclude large-volume export sales of HRC, which would result in a significant drawdown in inventories and offer mills opportunities to increase base price levels.
$1 = INR 66.47