Flats were more on the backfoot last week, compared to longs. Trade-level HRC prices, ex-Mumbai, fell INR 250/t ($3/t) w-o-w and by INR 300/t ($4/t) m-o-m to around INR 54,000/t ($652/t). Excess supply, and imports continued to give tier-1 mills reasons to worry. Bulk HRC and plates imports declined to over 400,000 tonnes from 660,000-plus in January since no new fresh cargoes were booked from late last year. Mills are hoping volumes will taper off in the short to medium term.
