Sluggish activity in local Indian HRC market

Local Indian hot rolled coil (HRC) prices have remained stable for the second consecutive week at around INR 35,000/mt ($525/mt) ex-works, amid sluggish market conditions and buyers pulling out, traders said on Monday, April 25.
 
"Most dealers seem to have completed their restocking and are currently awaiting pricing news from local producers before concluding any new transactions," a Mumbai-based trader said.
 
"It is also possible that there will be a price correction by mills as there are a lot of stocks held by steel mills and dealers, while market activity has slackened," he added.
 
However, some market sources said that even a possible price correction would be marginal and not more than INR 200/mt ($3/mt), or it was more likely that dealers would have to offer discounts of a similar amount to ease pressure from increased stocks.
 
$1 = INR 66.68