Local Indian HRC market prices stable as domestic mills keep prices unchanged

Monday, 06 July 2015 12:01:01 (GMT+3)   |   Kolkata
       

Local Indian hot rolled coil (HRC) prices have remained stable at around INR 33,000/mt ($520/mt) ex-works, as domestic mills announced unchanged flat product prices for July deliveries and amid expectations of reduced import competition, traders said on Monday, July 7.
 
According to a Mumbai-based trader, local steel mills have been anticipating lower import volumes impacted by the hike in import duties and the mandatory adherence to specifications of Bureau of Indian Standards for all inward shipments.

The trader said that, with local mills maintaining stable pricing for the month, ruling out any adjustments, buyers have been returning to the market, but just in a trickle since dealers' inventories are still reported to be at sufficient levels for the short term.
 
Market sources said that HRC import offers ex-China at around $355-360/mt CFR Mumbai have been rejected by local buyers.
 
Importers were seeking offers $10-15/mt lower, but since such offers were not forthcoming, no significant transactions have been reported in the market, the sources added.

$1 = INR 63.51


Similar articles

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

European HRC prices keep falling, demand still shows signs of fatigue

28 Mar | Flats and Slab

Vietnam’s Hoa Phat and Formosa seek AD investigation on Chinese HRC

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

UAE’s HRC market still sluggish, offers from India fall slightly

27 Mar | Flats and Slab

Import HRC prices in Vietnam retreat again due to slump in China

27 Mar | Flats and Slab

Vietnam’s Hoa Phat produces nine millionth mt of HRC

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

HRC consumption in Mexico up 30.6 percent in January

26 Mar | Steel News

Local HRC prices sink further in Turkey

26 Mar | Flats and Slab