India: Mills cut HRC-CRC list prices by up to $45/t for June sales

India's prominent finished flat steel manufacturers have announced a cut in their list prices of hot-rolled coils (HRC) and cold-rolled coils (CRC) for June 2023 sales. The quantum of price cut is around INR 2,000/t ($24/t) for HRCs and INR 3,750/t ($45/t) for CRCs compared with that announced at the beginning of May 2023.

Factors that led to the cut in list prices in June 1. Domestic prices drop for 2 months in a row: Domestic trade reference prices of HRCs have been on a decline since April 2023, as per SteelMint records. The monthly average trade reference price of HRCs (IS2062, Gr E250, 2.5-8mm),