International Steel Market Daily: India's Leading Steel Mills Rose Slightly

Under the background that the global hot coil is supported by raw material costs and the price continues to rise, this week India's leading steel mills ArcelorMittal Nippon Steel India (AM/NS India) and JSW Steel respectively raised the prices of the hot coil and cold coil After the price increase of US$6/ton, the price of the hot coil (2.5-8mm, IS2062) is 60,000 rupees/ton (US$724/ton) EXY Mumbai, and the price of the cold coil (0.9mm, IS 513 Gr O) is 67,500 India INR/ton ($817/ton) EXY Mumbai and INR 67,000/ton ($809/ton) EXY Mumbai, excluding 18% GST.

Regarding export, Indian steel mills are closely watching the post-earthquake reconstruction in Turkey and looking for export opportunities. Still, most of the export orders for FY23 are already full. In addition, interest from local buyers in imported resources is improving due to higher HRC prices in Europe. Last week, a private steel company in India reached an export order for S275 hot coil at a price of US$790-800/ton CFR Antwerp, weighing about 40,000-50,000 tons, with a shipping date of April.

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