The prices of HRC in India remained largely stable on a weekly basis, the trade level HRC prices assessed in the range of ₹52,000-₹55,100/t and CRC at ₹56,500-₹62,000/t. The price of HRC (IS2062, Gr E250), ex-Mumbai has decreased by ₹200/t (w-t-w) to ₹53,600/t. The price of CRC (IS513, Gr O) has dropped by ₹300/t to ₹59,500/t. Despite these minor price decreases, there are reports two major mills have announced a price increase for sales in mid-February of ₹500/t, implying that some measures to stabilize and/or increase market confidence are starting to take place.

The southern region has remained stable; however, supply constraints in the region were temporary due to a maintenance outage at one of the mills. The North has experienced profit-booking as a result of lower market confidence following delayed or cancelled price increase announcements from mills. The western region has stabilized; however, the volume of trade has begun to decrease. The slight price correction was due to weaker trading activity, delayed mill price increase announcements, and market uncertainty around the buying/selling behaviour of traders in particular in the northern region. However, there have been supply side constraints in some areas and mills’ efforts to encourage pricing discipline will help limit the magnitude of any price deterioration.

The expectation is for HRC prices to remain fundamentally firm, with anticipated mill price increase announcements, stable demand across key sectors, and higher relative import prices potentially providing the basis for upward price adjustments, even in a relatively weak market.