India: Trade-level HRC prices continue to slide amid fall in demand

Trade-level hot-rolled coil (HRC) prices continued their downtrend this week, amid an unstable market characterised by a noticeable drop in demand. HRC prices stood at INR 47,000-51,000/tonne (t) ($563-611/t), having declined by INR 1,000/t ($12/t) across various trade markets. Similarly, cold-rolled coil (CRC) prices also decreased by INR 1,000/t ($12/t), maintaining a range of INR 55,000-60,000/t ($659-719/t).

Market rumours suggest that several steel mills have announced price adjustments for HRCs and CRCs in September. These adjustments reportedly include price reductions or price support measures in the range of INR 500-1,000/t ($6-12/t). However, official confirmation regarding the same has remained elusive. The expected list prices of HRCs (IS2062,