Local Indian hot rolled coil (
HRC) prices have remained stable during the past week at INR 37,500/mt ($562/mt) ex-works amid low trading activity which is yet to pick up after the festival holidays, traders said on Monday, October 31.
"A lot of traders have yet to return to business and are taking an extended weekend and are unlikely to resume trading until Wednesday. As a result, the local Indian
HRC market has remained pretty inactive at the beginning of the current week," a Mumbai-based trader said.
"At the same time, domestic
HRC prices are expected to remain range-bound as the market waits for a new price direction and for local steel mills to reveal their November pricing strategy," the trader added.
At least two traders said that, after having declined by INR 1,200/mt ($18/mt) in a correction earlier in the month and with local steel mills expected to go in for an across-the-board price hike for all flat products for November deliveries, local
HRC prices have a low downside risk from current levels.
$1 = INR 66.78