Local Indian hot rolled coil (HRC) prices have remained stable during the past week at INR 43,500/mt ($684/mt) ex-works, while the market is gearing up for more base price increases from local steel mills, traders said on Monday, January 29.
Market sources said that, while Steel Authority of India Limited had already announced a second price hike for the month, for all flat products, in the previous week, other large steel mills have yet to follow suit.
However, the sources said that it is just a matter of a few more days before other large steel mills also announce their new base prices, and this has contributed to the stable trend of HRC prices and higher trade volumes in the market.
The local HRC market is expected to continue to consolidate at higher levels and local steel mills are expected to go in for further aggressive pricing amid reports that the Indian government is expected to announce a permanent antidumping duty on HRC products, replacing the provisional antidumping rate imposed last year, the sources said.
The sources said that all steel products, including HRC which had been subject to a minimum import price last year which was later allowed to lapse, will be brought under the long-term antidumping duty and this will offer further protection for Indian steel mills to increase their domestic prices.
$1 = INR 63.56