The India Steel Composite Index fell to a two-year low for the week ending 27 January, 2024. Similar levels were last seen on 22 January, 2022. The index last week saw a further dip of 0.2% to 139.60 points. It has been consistently falling for 16 weeks in a row to hit the two-year low last Saturday. In flats, hot-rolled (HR) and cold rolled (CR) coil prices at the trade level held steady. As in longs, in flats too, overall trading remained sluggish, as cautious buyers opted for need-based purchases at lower price points. As a result, benchmark HRC prices edged down a negligible INR 100/t ($1/t) to INR 54,000/t ($649/t) last week while CRC prices fell by INR 200/t ($2/t) to INR 61,700/t ($741/t).
