To boost sentiment in the domestic market, India’s JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India) raised their Hot coil offer prices by INR 1,000/ton ($12/ton). After the price adjustment, the quotation of JSW hot coil is 61,500-61,750 Indian rupees/ton (752-755 US dollars/ton) EXY Mumbai, and the quotation of 2.5-10mm hot coil of ArcelorMittal Nippon Steel India is 62,500 Indian rupees/ton (764 US dollars / ton) EXY Mumbai, delivery in April.

Looking ahead, market participants believe that many factors support the continued growth of local leading Steel mills: April is the eve of the traditional monsoon season, and steel consumption in India usually picks up; the Indian government canceled steel export tariffs to promote export growth, and the country’s steel exports soared in January To 750,000 tons, a record high in 8 months, an increase of 33.5% from the previous month; in the past few weeks, import orders for plates were scarce, and the market competition was relatively small.