Prices in the local Indian hot rolled coil (HRC) market have taken a break from their previous rising movement during the past week, remaining stable week on week at INR 38,500/mt ($572/mt) ex-works, as market participants have been assessing base price adjustments by local steel mills, traders said on Monday, November 14.
“Most local mills have completed their hikes of their base price. In case of HRC, the price increase is around INR 1,000/mt ($15/mt) and dealers are taking a pause with caution to assess any correction in the market,” a Mumbai-based trader said.
“The market is unsure of the short-term trend and its ability to absorb the price adjustments since demand potential might have been exaggerated,” he added.
However, a section of the market has maintained that any imminent correction would be limited given the continued negligible import transactions for HRC, while rising international finished steel prices would continue to support the market.
$1 = INR 67.73