Indian mills are likely to cut their domestic prices for hot-rolled coil (HRC) by at least 500 rupees ($7) per tonne for August to boost demand and reduce inventories.
"We have not yet announced the price cut but a small correction of about 500 rupees per tonne is being considered for the current month," an official with a large mill told Metal Bulletin on Friday August 3.An authorized HRC distributor for the mill, however, said that his principal mill will have to reduce prices by 1,000-1,500 rupees per tonne...