On February 26, SteelOrbis reported stable prices on domestic Indian HRC at INR 44,500/mt ($687/mt) as the market awaited pricing signals from mills for March deliveries.
Sources inform SteelOrbis that large mills are announcing price increases for March deliveries in both HRC and some long steel selections up to INR 1,000/mt ($15/mt). Specifically, JSW Steel and Steel Authority of India Limited (SAIL) have announced price increases of INR 1,000/mt on HRC which would move prices to INR 45,500/mt ($699/mt). A source stated, “Prices are likely to be adopted as we are seeing higher prices all around and the expansion in the economy is expected to benefit many firms, and certainly JSW.”
USD = INR 64.81 (Feb 26)
USD = INR 65.05 (Mar 5)