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ICICI Securities Report
Hot rolled coil prices in the traders' market fell by Rs 1,350/tonne week-on-week mainly due to subdued demand, particularly for flats. Besides, the uncertainty around price hikes in April 2023 has resulted in destocking at dealers' end, leading to the price decline.
Regionally, prices in South-East Asia also slipped by $5-10/tonne on an average, though certain steel players continue to raise prices for April/May 2023 sales.
Secondary longs segment in India has fared relatively better with prices increasing by Rs 800/tonne week-on-week, as demand in long sector has been better compared to flats.
In China, despite better financial indicators than expected, we await signs of demand pick-up. Recently, The People's Bank of China injected more than Chinese yuan 850 billion of net liquidity into the financial system to boost growth. Demand optimism in China keeps us positive on the ferrous space.
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