Local Indian hot rolled coil (HRC) prices have remained stable at around INR 33,000/mt ($520/mt) ex-works, as domestic mills announced unchanged flat product prices for July deliveries and amid expectations of reduced import competition, traders said on Monday, July 7.
According to a Mumbai-based trader, local steel mills have been anticipating lower import volumes impacted by the hike in import duties and the mandatory adherence to specifications of Bureau of Indian Standards for all inward shipments.
The trader said that, with local mills maintaining stable pricing for the month, ruling out any adjustments, buyers have been returning to the market, but just in a trickle since dealers' inventories are still reported to be at sufficient levels for the short term.
Market sources said that HRC import offers ex-China at around $355-360/mt CFR Mumbai have been rejected by local buyers.
Importers were seeking offers $10-15/mt lower, but since such offers were not forthcoming, no significant transactions have been reported in the market, the sources added.
$1 = INR 63.51