Indian local hot rolled coil (HRC) were back on attention of buyers with prices gaining INR 2,250/mt ($34/mt) to INR 35,000/mt ($521/mt) ex-works, on sharp rise in volume transactions in the market ahead of an anticipated price hike by local steel mills, traders said on Monday, March 7.
“Market activity was back at a peak after a short lull as dealers were back committing transactions to beat the price hike,” a Mumbai based trader said.
“Most market participants were bullish on further upside as steel mills were indicating of progressive price increases over the next few months and nil import transactions to persist in the medium term,” he added.
Market sources said that there is a lot of talk of the 20% safeguard duty on steel imports likely to be withdrawn in next few months as the government had committed it to be a short term measures but this failed to have any negative impact on buoyant sentiments among buyers.