Indian domestic hot rolled coil (HRC) prices have remained unchanged during the past week within a range of INR 36,500-37,500/mt ($611-628/mt) ex-works, in a sluggish market and amid little change in the demand-supply dynamics, traders said on Tuesday, July 23.
According to two Mumbai-based traders, fresh buying activity is at a low ebb even with reports of more steel mills hiking prices to offset the rise in raw material costs.
"Sentiments have remained weak with no demand uptick anticipated by the market. Even imminent price increases have not triggered any buying interest," the traders added.
Market sources said HRC export offers ex-China have increased by $10/mt to a range of $550-560/mt FOB. However, there have not been any takers in the Indian market.
The sources said that the lack of interest in imported HRC will further support local steel mills to follow Steel Authority of India Limited (SAIL) in increasing prices by $8-19/mt early next month.