Local Indian hot rolled coil (HRC) prices have remained stable during the past week at INR 35,000/mt ($525/mt) ex-works, with the market seen to be consolidating after previous increases, traders said on Monday, April 18.
“The market is seen to be reconciled to the price gains recorded early in the month. Buying activity has gained momentum as most users do not see much downside from current levels,” a Mumbai-based trader said.
“In fact, there are reports in the market that large local steel mills will go in for another price hike next month, which would be the second increase in two months,” the trader added.
Market sources said that local mills could announce another HRC price increase of around INR 500/mt ($7.5/mt) in the first week of May, triggering some restocking by dealers.