Pressures have eased in the local Indian hot rolled coil (HRC) market during the past week and prices have remained stable at INR 30,500/mt ($460/mt) ex-works, as import transactions came to a complete halt and as the market expects producers to maintain base prices unchanged in the New Year, traders said on Monday, December 21.
"Activity in the market has fallen sharply largely owing to year-end considerations. However, local HRC prices have remained unchanged as imports have ground to a halt," a Mumbai-based trader stated.
"With mandatory compliance with domestic standards imposed for all import products and with the government considering a minimum import price, traders have stayed away for all import transactions during the week," the trader added.
A section of market sources said that overseas traders have even stopped submitting ex-China or ex-South Korean HRC offers as Indian importers are not showing any interest given steel import restrictions, both existing ones and those under consideration by the government.
$1 = INR 66.35