Official offers for local hot rolled coil (HRC) and cold rolled coil (CRC) in India have mainly been moving sideways during the past week, while the trade market has been witnessing a temporary lull in demand as most buyers and sellers are on holiday.
Sources said that local HRC trade prices have been voiced at INR 49,500/mt ($589/mt) ex-Mumbai, the same as last week and remaining relatively stable at INR 51,500/mt ($613/mt) ex-Chennai in the south. At the same time, according to sources, a number of Indian traders have been offering their materials with additional discounts at INR 47,500-48,000/mt ($565-571/mt).
“It’s a festival time, so prices will remain stable. There may be some discount from secondary steel producers. After Diwali, there may be some increase in the market,” an Indian trader told SteelOrbis.
In the meantime, local Indian CRC prices have remained relatively stable across different markets, at INR 56,500-58,000/mt ($672-690/mt). At the same time, the same situation has been seen in the CRC segment, with discounts on workable prices from traders heard at INR 55,500/mt ($660/mt).