After three weeks of downward movement, local Indian hot rolled coil (HRC) prices have remained stable during the past week at INR 34,200/mt ($509/mt) ex-works amid a modest revival of buying activity in a few regions like markets in the west and north of India, traders said on Monday, July 17.
"The market seems to have taken a pause over the past week after the sustained fall in HRC prices. A marginal revival of buying interest in some regions has provided much-needed stability," a Mumbai-based trader said.
"However, there is not much expectation of an uptrend of prices as stocks of most flat steel products are reported to be at high levels at all large steel mills," the trader added.
Market sources said that, although trends in offering trade discounts of $10-15/mt have disappeared and prices are stable, prices will remain under pressure as fresh booking activity has been restricted to just a few regions.
$1 = INR 67.14