- BigMint’s benchmark HRC prices remain stable w-o-w
- Prices edge up in north India on supply shortages
Trade-level prices of hot-rolled coils (HRC) in India showed mixed-trends w-o-w on 10 February amid slow trading activity, with HRC prices assessed in the range of INR 52,000-54,700/t ($574-604/t). Reflecting this trend, cold-rolled coil (CRC) prices also showed a mixed trends, with prices assessed at INR 56,500-61,400/t ($624-678/t).
BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) remained stable w-o-w at INR 53,800/t ($594/t) on 10 February.
CRC (IS513, Gr O, 0.9 mm/CTL) prices saw a marginal increase of INR 100/t ($1/t) w-o-w to INR 59,800/t ($660/t) on Tuesday against INR 59,700/t ($659/t) a week ago. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
India’s trade-level HRC market showed mixed trends recently, aligning with reports of regional variations and supply constraints. A slight price uptick in the northern region was observed amid shortages, while in other regions prices remained stable.
Short supply of different grade sizes supported the mild uptrend, particularly in the north. Demand remains moderate overall, with sales feasible at lower prices amid slow trading activity. Furthermore, mill price hikes are anticipated in the upcoming week as soon as momentum builds.
Import volumes: India’s bulk imports of HRCs touched 70,702 t as of 9 February, based on vessel line-up data. Around 1,03,847 t of additional cargoes are expected by mid-February.
Export volumes: India’s bulk exports of HRCs touched 30,250 t as of 9 February.
Outlook
HRC prices in India are expected to rise in the near term ahead of anticipated mill price hikes next week. Moreover, this uptrend could gain further support if demand shows signs of recovery and restocking activity picks up across regions.
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