India: Hike in HRC list prices of up to 1,000/t by Tier-I mills on the cards for Nov

Tier-I steel mills have officially announced a price increase of INR 800-1,000/t ($6-18/t) for hot-rolled coils (HRCs) and cold-rolled coils (CRCs) in their November 2024 sales. This upward adjustment is primarily driven by the recent rise in NMDC iron ore prices and ongoing speculations about potential anti-dumping duty implementations. While this price hike has been confirmed by several mills, official confirmation from a few others is still awaited.

List prices of HRCs (2.5-8 mm, IS2062, Gr E250, Br.) stood at INR 48,500-50,750/t ($559-595/t) exy-Mumbai, while CRCs (0.9 mm, IS513 CR1) hovered at around INR 54,300-57,250/t ($631-678/t). These prices exclude GST of 18%. Factors behind price increase Domestic trade-level prices remain stable: The market experienced an initial rise in both prices