Indian mills reduce HRC list prices by up to INR 2,500/t for May

Indian steel producers- JSW Steel and AM/NS India have reduced their list prices for hot-rolled coils (HRC) by INR 2,000-2,500/tonne (t) ($24-31/t) m-o-m for early May 2023 sales. While those of cold-rolled coils (CRC) were cut by INR 2,500-4,000/t ($31-49/t) m-o-m. Other major mills are likely to follow suit.

Weakening prices and demand in domestic and overseas markets were among the key reasons. Raw material prices have also declined amid recessionary concerns and elevated price levels. Factors impacting the pricing decision for May sales: 1) Import turn viable: The weakening of global HRC prices has made imports a feasible choice for