Local Indian hot rolled coil (HRC) market has remained unchanged for the second consecutive week, with prices still at INR 38,500/mt ($594/mt) ex-works amid dull market conditions, traders said on Monday, July 3.
“Most market participants are still not compliant with the new uniform indirect tax regime under Goods and Services Tax. There is too much paper work involved and dealers are not interested in making new bookings,” a Mumbai-based trader said.
“The lackluster trading conditions have also been aggravated as the market does not have any indication of pricing by steel mills for current month deliveries,” the trader added.
Two other traders said that they expect local steel mills to marginally lower their base prices over the next one week as there are reports of inventory buildups at mills, but this is not expected to revive transaction volumes.
$1 = INR 64.80