While India HRC prices in Mar-21 were flat m-m and lower vs the peak levels in Jan-21, they were up ~42% on a y-o-y basis. A near-term momentum in HRC prices is likely, with prices expected to witness Rs 2,000-3,000/t hikes in April 2021, on the back of strong domestic demand, rise in export price offers (up $30/t w-w) from Vietnam and local steel being Rs 5,000/t cheaper vs imported steel on landed cost basis, Nomura has said.
