Spot Hot Rolled Coil prices were stable in the spot market even as coking coal prices were down by a further $13 a tonne, the lowest since last August.

China’s export prices have fallen by $50/tonne against last week as mills are resorting to exports in the absence of domestic demand pick-up, said Motilal Oswal Research report.

In India, downstream flat products are under more pressure compared to HRC and demand still remains subdued.

“Our interaction with dealers suggests major players might lower their list prices for May’24 after four successive months of hike,” said the report.

Despite healthy credit indicators, Chinese steel demand remains elusive, resulting in sharp fall in international iron ore prices during the week.

Recently, China Iron and Steel Association urged steel companies to cut production to maintain a better market balance.

“While the outlook for ferrous metal remains positive due to higher spot spreads, we would keep a close tab on demand in China,” the report noted.