Most Indian integrated steel mills have announced hikes in flat products base prices by a range of INR 1,500-2,000/mt ($18-24/mt) for HRC for current month deliveries, according to trade and industry circles on Thursday, January 6. However, the not so promising situation in the CRC segment has resulted in an increase by just INR 500-1,250/mt ($6-15/mt) for CRC.
Following the base price increase, the effective listed prices of hot rolled coil (HRC) of JSW Steel Limited are at INR 55,750/mt ($673/mt) ex-works, INR 1,750/mt ($21/mt) higher than in the previous month, and cold rolled coil (CRC) prices are at INR 62,500/mt ($755/mt) ex-works, up by INR 500/mt.
The effective base price of Tata Steel’s HRC stands at INR 56,250/mt ($679/mt) ex-works and its CRC price is at INR 63,000/mt ($760/mt) ex-works.
ArcelorMittal Nippon Steel Limited (AMNS)’ revised HRC base price stands at INR 55,750/mt ($673/mt) ex-works, INR 1,500/mt higher than in December. The CRC price of the mill reached INR 62,500/mt ($755/mt) ex-works, with the biggest increase among all the producers, up by INR 1,250/mt ($15/mt).
Trade circles pointed out that, considering the increase in flat product base prices was significantly higher than Steel Authority of India Limited (SAIL)’s price of INR 500/mt ($6/mt) when it took the lead in revising prices early, it is most likely that the latter would go in for a second hike within the next few days.
$1 = INR 82.80