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India mills propose a hike for H1 FY '22 auto contracts

ABSTRACT

Biannual steel contract negotiations between steelmakers and auto manufacturers have begun with steel mills asking for INR 9,000 ($124) increase in flats and INR 7,000 ($97) in longs for H1 FY '22, SteelMint learned from its credible sources. Steel mills are trying to close the negotiation with auto companies at the earliest for an increase in contract prices in the wake of a widening gap between spot and contract prices, however, the discussion is still underway.
Current domestic steel market scenario- Major Indian steel manufacturers are planning to raise flat steel prices by up to INR 2,000-3,000/t ($27-41) following bullish trends in the global HRC market. Higher export realizations and absence of imports in the near future is likely to cause a steep hike in domestic prices.

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