Domestic hot-rolled coil (HRC) prices witnessed a steep rise of about 54 per cent during July-December 2020 from end-June 2020 level of Rs 36,250 per tonne on the back of a strong recovery in the domestic demand and a similar 56 percent increase in international steel prices.
While the prices increased further in January 2021 to touch a record of Rs 58,000 per tonne, resistance from the end-user industries led to a roll-back in prices, which are currently trading at Rs 56,000 per cent.
To protect the interests of the end-user industries of steel from such elevated steel prices, the Government, as