- BigMint’s benchmark HRC assessment up INR 800/t
- Balanced demand keeping prices range-bound
Trade-level prices of hot-rolled coils (HRCs) in India showed mixed trends w-o-w, with prices hovering around INR 45,600-47,800/t ($502-526/t). Cold-rolled coil (CRC) prices showed mixed trends w-o-w, ranging between INR 50,500 and INR 55,500/t ($555-610/t).
BigMint’s benchmark assessment (bi-weekly) for HRC (IS2062, Gr E250, 2.5-8 mm/CTL) rose by INR 800/t ($8/t) w-o-w to INR 46,500/t ($511/t) on 16 December against INR 45,700/t ($503/t) on last Tuesday. Similarly, CRC (IS513, Gr O, 0.9 mm/CTL) prices stood at INR 54,000/t ($594/t) on Tuesday, up by INR 200/t ($2/t) against 53,800/t ($592/t) last week. These prices are ex-Mumbai for the distributor-to-dealer segment and exclude 18% GST.
Market updates
Indian HRC market sentiments remain moderate: ”This month, arrivals are low to moderate, supporting price stability across markets in north India,” informed a market participant. Overall market sentiment remains balanced, with no visible demand-driven momentum. In the western region, distributor sources indicated that selective withdrawal of discounts by producers has led to a mild firming up of prices.
Import volumes: India’s bulk imports of HRCs touched 125,753 t as of 12 December, based on vessel line-up data. Around 120,836 t of additional cargoes are expected by end-December.
Export volumes: India’s bulk exports of HRCs touched 188,067 t as of 12 December.
Outlook
The Indian HRC market is expected to remain range-bound amid minor ups and downs. This week, overall activity is moderate. Market participants are keeping a cautious approach as demand revival still eludes.
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