Currently, Indian hot rolled coils (HRC) are quoted at US$635/ton ex. mill, keeping the same with the previous price. With the coming festival of Diwali, the transaction has fallen into a low level while the mills kept the base price flat. Traders said that before the Diwali, the market was very quiet and the situation would probably last till next week. In addition, to some traders and end-users, with the coming new financial year, they will not put the money into new transaction immediately. However, the main reason is due to the slack demand and the HRC price will probably keep going up and down recently.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66949&division=A2
