Local Indian hot rolled coil (HRC) prices have remained stable during the past week at around INR 34,500/mt ($554/mt) ex-works in a market of low trading activity owing to year-end considerations and extended weekend holidays, traders said on Monday, April 6.
According to a Mumbai-based trader, most market participants were busy closing their accounts for the fiscal year ending on March 31, and this has been followed by the extended weekend for the Easter holiday, resulting in dull market conditions.
The trader also said that distributors are waiting for price indicators for the current month and signals from local steel mills on whether to adjust their HRC prices or not before concluding any fresh deals.
Market sources said that trading activity in the HRC market is unlikely to revive given delays by local steel mills to adjust prices, the persistent lack of demand, and high stocks held by market intermediaries.
The dull conditions have also been reflected in the absence of any significant import transactions reported in the market over the past fortnight, the sources added.
$1 = INR 62.22