Despite strong domestic demand, India’s steel mills continued to roll over prices in February with the benchmark hot rolled coil prices hovering at around ₹54,000 – 54,500 per tonne range. Mills have also announced discounts in some cases to the tune of around ₹2,000 per tonne. Prices were range-bound at a trade level in view of increased availability of cheaper offerings (imports) and also due to need-based buying.
As per market sources, HRC prices hovered around ₹53,900 per tonne levels in early February trade, down or flat over January exit prices; but slowly stabilised at ₹54,000–54,500 per tonne levels by the second week of the month, indicating a 0-1 per cent over January. However, HRC prices continued to be lower than December, where it hovered at ₹55,000 per tonne range and exited into January at ₹54,900 per tonne.
In case of the cold rolled coils (CRC), the trade level prices remained at ₹62,000 per tonne levels in February, almost at par with January…