At least two Indian domestic steel mills have moved early to hike flat steel product base prices for October, SteelOrbis learned from trade and industry circles on Monday, October 3.
Sources said that the base price increases have been led by ArcelorMittal Nippon Steel Limited (AMNS) and JSW Steel Limited. Significantly, the two mills announced revised base prices during the festival holidays and other mills are expected to announce higher prices once full business resumes from Thursday this week onwards.
Base prices for flat steel products have been raised by INR 1,000/mt ($12/mt), taking the effective base prices for October delivery to INR 57,500-58,000/mt ($706-713/mt) ex-works for hot rolled coil (HRC) and to INR 66,000-67,000/mt ($811-823/mt) ex-works for cold rolled coil (CRC).
$1 = INR 81.40
