Despite the depressed market sentiment, the price of hot-rolled coil (HRC) in the Indian domestic market is temporarily stable. Some distributors have dealt with transaction prices lower than the local mills’ base rate to digest inventory as soon as possible. 

Market participants said that in order to avoid stock pressure and maintain cash flow, they adopted low-price sales and even had to provide longer credit terms. 

It was understood that industrial demand was affected by monsoon factors, and both upstream and downstream players were cautious about current stocks. In addition, local mills did not provide any support for the price trend because medium and large manufacturers faced a slowdown in deliveries in June but still decided to maintain a higher base rate.