Local Indian hot rolled coil (HRC) prices have remained stable for the second consecutive week at around INR 31,400/mt ($470/mt) ex-works amid month-end considerations and expectations of a safeguard duty on imports, traders said on Monday, August 31.
According to a Mumbai-based trader, prices have remained stable as the market is awaiting pricing announcements from local steel mills for August.
At the same time, local HRC prices found support from market expectations that the government will make a call on a safeguard duty on cheap imports within the next few weeks.
However, a section of the market said that a downside risk persists for local HRC prices as indicated by sustained interest in imports despite the weakening of the Indian rupee below the INR 66 to the dollar mark and threats of safeguard duty from the Indian government.
The sources said that transactions for modest volumes of ex-China HRC have continued to be concluded during the past week in the range of $320-25/mt CFR Mumbai for October shipments.