Indian domestic hot-rolled coil prices rose on Feb. 19, following fresh list price hikes by domestic mills and tight spot availability.

Platts assessed the spot cut-to-length price of IS2062, 2.5-10 mm thick HRC, excluding the 18% goods and services tax, at Rupees 53,700/metric ton ($589/mt) ex-works Mumbai on Feb. 19, up Rupees 200/mt from Feb. 16.

Tradable values for 2.5-10 mm thick HRC on an ex-works Mumbai basis were heard in a range of Rupees 53,000- 54,000/mt.

“Mills have raised prices by around Rupees 500/mt this week, which has lifted spot levels as well, although the market is still adjusting to the increase,” a Mumbai-based trader said, adding that supply in the spot segment remains tight.

Another Mumbai-based trader said producers may attempt another revision at the start of March, supported by safeguard protection measures that limit competition from low-priced imports and allow domestic mills to maintain higher offer levels.

Domestic rebar prices fell on Feb. 19, with both offers and bids declining on lower raw material costs and limited buying interest.

Platts assessed IS1786 Fe500D/Fe550D 12-25 mm diameter rebar at Rupees 48,100/mt ex-works Raipur on Feb. 19, down Rupees 800/mt from Feb. 16.

Offers for GK and Goel Fe550D 12-25 mm diameter rebar were heard at Rupees 48,400/mt and Rupees 48,100/mt, respectively.

An indicative bid for GK 12-25 mm diameter rebar was heard in the range of Rupees 48,100-48,200/mt.

“Offers have come down following the drop in raw material prices, and trading activity remains subdued with little improvement in demand,” a Raipur-based trader said.