The India Steel Composite Index fell to a 34-week low on 9 February, 2024. However, on a w-o-w basis, it remained flat at 139.60 points compared to the preceding week’s closing of 139.4. In flats, tier-1 mills raised prices in late January for hot rolled (HR) and cold rolled (CR) coils by INR 1,000-1,500/tonne ($12-18/t). However, they also offered discounts of INR 2,000-2,500/t ($24-30/t) for January, which effectively negated the price increase. Thus, effective landed prices in February from mills stood at INR 57,500-58,500/t ($692-704/t) landed for HRCs and at INR 63,000-63,750/t ($759-768/t) for CRCs. Prices in the traders market, on cue, were stable too. Trade-level benchmark HRCs, ex-Mumbai, hovered at INR 53,500-54,500/t ($644-656/t) as on 6 February 2024.
