Steel companies have hiked hot-rolled coil prices for the sixth consecutive time, by Rs.500-750 a tonne, to Rs.39,200. The price hike came into effect from March 1. This comes in a complete contrast to the expectation of a fall in metal prices due to the impact of coronavirus. Coronavirus shock has completely shut cheap steel imports from China, Japan and Korea. Robust orders from infrastructure projects have boosted domestic demand. Moreover, some of the steel end-users are willing to pay any price to build sustainable inventory with domestic supply, as the uncertainty over imports is likely to remain for long.
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