As with rebars, mills undertook strategic maintenance shutdowns in April. This included 15-day shutdowns of a hot strip mill (HSM) and a cold rolling mill (CRM) of a large tier-1 producer. The shortfall in CRCs is estimated at 90,000 t, over the last fortnight. The supply tightness supported the price hike of around INR 500/t ($6/t) taken by tier-1 mills for end-April sales. Post-hike, list prices of HRCs stood at INR 53,500-54,000/t ($642-648/t), and CRCs at INR 58,800-60,500/t ($705-725) both exy-Mumbai, excluding 18% GST. On cue, trade-level prices of CTL HRCs of 2.5-8mm rose by INR 500/t ($6/t) to INR 53,900/t ($646/t) ex-Mumbai. The price hikes encouraged need-based procurements from end-users in small parcels.
