Local Indian cold rolled coil (
CRC) prices have remained unchanged at INR 48,700/mt ($793/mt) ex-works during the past week as buyers have continued to shift their attention towards imports, traders said on Thursday, October 30.
According to a Mumbai-based trader, the market has been disappointed by local mills refusing to adjust their prices of flat products amid depressed demand conditions.
With the landed price of ex-China
CRC at least $110-120/mt cheaper that local product prices, buyers have been shifting their attention to imports even though they are still cautious about concluding transactions for significant volumes since existing stocks are moving slowly, he added.
Market sources have said that importers are also cautious and wary about concluding transactions given reports that the Indian government is considering imposing safeguard duties on flat product imports.
The sources said that representatives of local steel mills met government officials last week seeking such safeguard duties, while the government officials confirmed that import restrictions were being considered.
$1 = INR 61.43