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Indian HRC Index rally continues on global cues

SteelMint's Indian HRC (SAE 1006) export index continues to maintain its upward momentum and reported a further hike by $44/t w-o-w basis. Currently index stands at $740/t FOB basis. The last index stood at $696/t FOB basis.
Reasons driving export offers: Spurt in HRC offers from major exporting nations amid global price rally lead to steep hike in export offers from India. Domestic mills are likely to announce four consecutive price hikes in the local market on robust sales. This provides enough opportunity for Indian mills to raise offers

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