India steel index drops on soft long steel market sentiment, flats perform better

Mills roll over HRC list prices despite surging coking coal prices. Tier-1 mills reduce BF rebar prices, IF prices touch 4-month low. Price gap with landed HRC imports from China at over INR 7,000/t

Flagship India steel composite index reversed minor gains recorded the week before to continue its downtrend last week, dropping 0.5%, as assessed on 5 June. Domestic steel prices seem to have lost steam after geopolitical problems in the Middle East and fiscal yearend demand surge in March and early