Local Indian hot rolled coil (HRC) prices have remained stable at around INR 34,500/mt ($551/mt) ex-works, while transaction volumes have fallen sharply amid considerations linked to the end of the financial year and anticipations of price adjustments by local steel mills next month, traders said on Monday, March 30.
According to a Mumbai-based trader, most distributors have stayed away from making any fresh bookings since most have been busy closing their accounts for the fiscal year ending on March 31.
The trader said that the much-delayed price adjustments for local HRC prices by steel mills are expected to be made in April, prompting most traders to postpone new bookings.
Market sources said that South Korean and Chinese HRC offers have declined by another $10/mt for the second consecutive week to the range of around $420-425/mt CFR, but Indian buyers are delaying any transactions until such time there are firm indications of price adjustments by local steel mills.
$1 = INR 62.66