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Indian hot rolled coil import prices near bottom

During the week ended September 7, local Indian hot rolled coil prices have increased by INR 500-600/mt ($7.50-9/mt). After the adjustment, the current price is around INR 32,000/mt ($479/mt) ex-works, while market insiders are anticipating a government measure to protect against imports, and base prices by domestic steel mills are on a rising trend.


“The speculation that Indian government will impose safeguard duty on steel imports during the current month is flooding in the market, providing support for local hot rolled coil prices,” said a Mumbai-based hot rolled coil trader.


Market sources said that the decline of hot rolled coil import offer prices is also easing off with ex-China offers moving down by a marginal $5/mt to the range of $310-320/mt CFR Mumbai for October shipment, leading a number of market participants to talk of import pricing nearing a bottom.


Nevertheless, the sources said that import transaction volumes are lower than in the previous months, with importing traders unsure of the rupee‘s movement in response to the anticipated interest rate hike by the US Federal Reserve.

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