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Motilal Oswal Report
Domestic hot rolled coil prices corrected further by 3.5% last week to Rs 63,800/tonne. The total correction in domestic HRC prices is now about 13.4%, down from Rs 73,700/tonne a fortnight ago.
Prices for coking coal and iron ore have also followed the correction in steel prices.
NMDC Ltd. announced a correction of Rs 1,100-1,320/tonne over the weekend in response to dull demand. This was in addition to the Rs 720-750/tonne reduction announced last week. The total correction in iron ore fines is Rs 1,850/tonne.
Coking coal prices have also corrected due to the dull demand from Indian mills and improving supply situation (highlighted in our last week's edition). premium high carbon chrome have corrected 17.5% over the last fortnight to $448/tonne.
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