Indian mills have agreed to a reduction of INR 4,900/tonne (t) in hot rolled coils (HRCs) and INR 4,200/t in cold rolled coils (CRCs) prices in Q3FY23 auto contracts. Mills and auto OEMs had shifted to quarterly contracts since April 2022 owing to high volatility in commodity prices. Auto segment contributes around 9-10% of total steel consumption in India.
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