HRC spot spread has slipped to a seven-month low as prices dither and coking coal price rose by USD7/te WoW. Rebar prices have fared relatively better in the primary market and HRC-Rebar spread is down further to INR 1,600/te. In our view, the slow demand during the festive season and the recent influx of imports from Vietnam is likely to keep HRC prices under pressure in the near term.