Large Indian integrated steel mills have announced hikes in their flat product base prices in the range of INR 1,000-1,500/mt ($12-17/mt) on ex-mill basis with immediate effect, SteelOrbis has learned from sources at the mills on Thursday, January 9.
Following the price hike, base prices for 2.5-8 mm hot rolled coil (HRC) stand in the range of INR 48,000-50,000/mt ($559-582/mt) ex-mill.
Ex-mill prices of 0.9 mm cold rolled coil (CRC) stand in the range of INR 53,000-56,000/mt ($617-652/mt).
Sources said that the mills have taken an aggressive stance on base prices in anticipation of the imposition of safeguard duty on imports and, therefore, expectations of lower import competition.
They said that, while the price hike announcements are mostly by large integrated mills, other mills are expected to follow with their price announcements next week.