Local Indian hot rolled coil (HRC) prices have remained stable for the third consecutive week at INR 35,500/mt ($526/mt) ex-works, amid a modest uptick in transaction volumes, traders said on Monday, June 6.
“Prices have remained unchanged in most regions, while dealers have been concluding fresh bookings, with the market expecting local steel mills to keep their HRC base prices unchanged during the current month,” a Mumbai-based trader said.
“In present market conditions, I would be surprised if steel mills increased their prices. There is a marginal risk of a downward correction if reports of an increase in mills’ stocks are correct,” the trader added.
Sources said that prices have also moved sideways because the market is awaiting the HRC antidumping investigations currently underway, pointing out that the Directorate General for Anti Dumping and Allied Duties (DGAD) has extended the date for all interested parties to make their submissions to June 20.