Indian steel mills raise prices for hot-rolled coil

Several of India's leading steel mills raised hot rolled coil prices last week in January due to limited resources available for sale.

India's exports to Europe and the Middle East increased last month, although domestic price increases were not supported by demand as export duties were lifted at the end of November. However, overall strong export market performance has boosted confidence in local steel producers, and Indian consumption typically picks up from January to March, before the traditional rainy season.

Leading steel mills have yet to announce export prices and most market participants expect a significant increase.