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ICICI Securities Report
After two successive weeks of decline, hot rolled coil prices in traders' market rose by Rs 500/tonne on stubbornly high coking coal prices and robust global prices.
Spot spread, however, continues to languish at an eleven-month low level. Going ahead, traders are expecting price hike in the range of Rs 1,000-1,500/tonne for March-2023 owing to favorable import parity and much-improved export realisation.
Primary rebar prices continue to stay at a premium to HRC. In China, HRC appears to be on a stronger footing with declining inventory amid expectations of favorable policies post ‘two sessions'.
Besides, market participants expect steel prices to remain supported owing to the cost push. We will keep a close tab on the signs of demand recovery in China.
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