Responding to the slowdown in the market, Indian domestic mills have announced cuts in flat steel product base prices for May bookings, SteelOrbis has learned from industry sources.
Integrated mills have lowered flat product base prices by an average of INR 3,000/mt ($39/mt) for current month deliveries.
Following this cut, the effective hot rolled coil (HRC) base price is in the range of INR 74,000-76,000/mt ($962-988/mt) ex-works and the effective base price for cold rolled coil (CRC) stands at $82,000-83,000/mt ($1,066-1,079/mt) ex-works. Most private mills have prices at the higher ends of the abovementioned levels. At the same time, the tradable prices are still at good discounts to these base prices, signalling the bearishness in the market, which may continue during May.
$1 = INR 76.90
