Due to the market understanding, the domestic hot-rolled coil price in India had rebounded in last week, by a US$3/ton increment.
JSW Group, one of the leading steelmakers in India, decided to decrease US$100/ton than the domestic price to sell to overseas.
India''s domestic hot coil prices were now bottomed out, so Indian steel mills might be dominated by the domestic market.
Recently, JSW has resold its oversupply of hot rolls overseas, but once domestic demand returns, JSW would focus on the domestic steel market.
The market realized once the Indian steelmakers stopped to fall their price for sale, the main competitor, Russia’s steelmakers, would no need to cut their price.
Based on this, the price rebound of the hot-rolled coil market in Asia seemed to be near.
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