Festive Demand and Coking Coal Gains to Keep Indian HR Strip Prices Firm

The Indian HR strip market firmed through August ****, with the later phase of the month seeing a pronounced acceleration in prices as festival-season buying and a rebound in downstream orders lent strong upward momentum. Early-month softness gave way to disciplined mill selling and targeted procurement from auto and construction players, while a broader summer slowdown continued to temper activity in other manufacturing sectors.

Demand remained bifurcated across end markets. The automotive sector, driven by renewed downstream orders, and construction-related steel buying provided the primary lift for HR strip consumption. In contrast, the broader manufacturing environment stayed soft, limiting wider-based volume growth. Reflecting that dynamic, HR Strip Ex-Mandi Gobindgarh recorded a month average of $***.**/MT in August ****, up from $***.**/MT previously, underpinning mill margins as buyers chased hand-to-mouth restocking. The **-week moving average for HR strip stood at **,***.** INR/Tonne for the week...