Domestic hot rolled coil (HRC) prices in India have remained stable during the past week at INR 41,000/mt ($641/mt) ex-works on sustained fresh bookings by dealers in anticipation of a price revision in the New Year, traders said on Monday, December 25.
“Domestic HRC prices have remained stable against the backdrop of the strong buying support from market intermediaries who are expecting local steel mills to go in for another round of base price increase next month,” a Mumbai-based trader said.
“Even unofficial data in the market indicates that flat steel imports during November 2017, which moved up by 6-7 percent on month-on-month basis, did not have an impact on local prices, indicating a revival in demand,” the trader added.
Market sources report that local steel mills are likely to increase their base prices by INR 500-1,000/mt early next month, citing higher coking coal input price.
$1 = INR 64.01