Indian steel mills are likely to increase domestic prices for hot-rolled coil (HRC) by about 500 rupees ($7) per tonne this month, factoring in the increase in the cost of production created by the weakening of the country's currency.
Officials from at least two large steel mills have confirmed that they were considering increases in the price of domestic HRC for sales in June.Indian domestic HRC prices for the current week were assessed at 45,300-45,800 rupees ($671-679) per tonne ex-mill on Friday June 1. This was unchanged since the first week of May, when mills increased HRC prices by about 800 rupees per tonne."We...