India’s Steel Authority of India Limited (SAIL) and ArcelorMittal Nippon Steel Limited (AMNS) have taken an early lead in increasing flat product base prices, raising them by INR 750/mt ($9/mt), considered to be an “interim hike”, with more increases expected to come early next month, SteelOrbis learned from industry sources on Monday, September 25.
Following the revision, SAIL and AMNS’ hot rolled coil (HRC) base prices stand at INR 59,250/mt ($715/mt) ex-works and their cold rolled coil (CRC) prices at INR 63,750/mt ($769/mt) ex-works.
The sources said that, even though the interim revisions have triggered a slight fall in trade volumes, considering the robust demand from end-users most integrated mills will go in for a more aggressive hike in the range of INR 1,500-2,000/mt ($18-24/mt) in early October.