India suspended price increases in October

After successive price increases since July, Indian steel producers halted price increases in October as prices in China softened, coupled with lower iron ore prices.

Over the past two weeks, hot rolled coil (HRC) prices in China have dropped to about $ 572 per tonne from $ 588 per tonne. But given that prices have risen from $ 448 per tonne in May, producers see this more as a correction.

Significant growth in demand for steel sheet in China, coupled with a reduction in capacity over the past three months, kept prices for rolled steel at a floating level. According to industry sources, steel prices have increased and may have stabilized in anticipation of a reduction in smelting in the winter months.