Steel mills in India have reduced their domestic price for hot-rolled coil (HRC) by about 500 rupees ($7) per tonne for November sales by providing incentives to distributors.
"We rolled back prices by about 500 rupees per tonne, with some conditions linked to targets to be achieved by our distributors," an official from an Indian steel mill said.But these measures were unlikely to help mills remain competitive in the spot market because demand for HRC remained weak."We were hoping for a full...