It’s reported that the Indian steel mills announced to raise the hot rolled coil (HRC) prices early this month but the prices did not rise as mills’ expected due to sluggish demand.
At present, the HRC ex-factory prices averaged at INR33, 500 ~INR34,00/ton, rising by INR500/ton from a month on month. The price rise was lower than what steel mills said of INR1, 000/ton.
Some market participants said that the local mills’ HRC prices may rise further in the first quarter of this year as the Rupees depreciated and the import materials are unfavorable to local buyers. Also, the first quarter used to be the peak season for HRC market.
However, some market participants said that the HRC prices would drop further in February due to weak demand.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=62789&division=A2
