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Indian hot-rolled coil prices rose both month-over-month (3%) and year-over-year (13%) in April, but cooled off a bit due to weaker demand.
Raw material costs are also shifting: Australian iron ore and coking coal prices edged up, NMDC hiked domestic ore rates for the fourth time since January, while South African non-coking coal got cheaper.
The report expects pre-monsoon construction activity and tighter supply to support domestic prices going forward, so expect these trends to stick around for a bit.