In flats, sentiments similar to rebar prevailed – buyers continued to make need-based procurements.Thus, trade-level hot rolled coil (HRC) prices remained stable w-o-w at INR 53,500-54,500/t ($646-657/t) while cold rolled prices were also static at INR 61,500-62,500/t ($741/-753/t). Factors like lacklustre domestic demand, imports, inventory glut and range-bound raw material prices have been converging for months now, to keep prices under check. However, import volumes, so far into February, have dropped somewhat to 0.20 million tonnes (mnt) from January’s 0.66 mnt levels as fresh bookings have been easing amid the prevailing market dullness.
