Indian hot rolled
coil (HRC) producers are likely to keep the prices stable for next month even if
imports get dearer due to weakening of the Rupee, said market participants.
Falling demand for HRC and poor liquidity for traders and
end-users due to high interest rates mean that mills are unlikely to increase
the price of HRC in December.
“The volatility and weakening of the Indian currency is
definitely a worry. The rupee is very weak. Logically, we should be increasing
prices, but the domestic market is in no position to absorb a price increase”,
said Indian steel manufacturers.
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