Over the past week, prices in the local Indian hot rolled coil (HRC) market have remained stable at INR 45,000/mt ($688/mt) ex-works, supported by steady flow of fresh bookings with most domestic steel mills completing revising their base price, traders said on Monday, April 16.
“Most locals steel mills have completed price revision for current month deliveries. Dealers who were on the sidelines have returned to the market during the past week submitting fresh bookings with mills as the market has discounted possibilities of any price correction in the short term,” a Mumbai based trader said.
“Reports from some of the large mills indicate a revival in HRC export transactions particularly shipments to South East Asian markets and this is expected to provide supply side support to local prices,” the trader added.
However according to two other traders, local HRC prices is expected to trend within a narrow range as new bookings seen at start of the new fiscal may taper off in the coming weeks and market intermediaries will be cautious in not carry too large an inventory.
$1 = INR 65.42