Local Indian cold rolled coil (CRC) prices have remained stable at around INR 44,000/mt ($709/mt) ex-works showing little change during the past week, amid negligible market activity, traders said on Wednesday, February 25.
According to a Mumbai-based trader, most buyers are in wait-and-see mode awaiting the federal budget to be placed before the parliament later this week before concluding any fresh transactions.
Ex-China HRC offers have moved down by $10/mt during the past week to the range of $450-470/mt CFR Mumbai, but have evoked little buying interest in anticipation of a hike in import duties on flat steel products in the federal budget, the trader said.
Market sources said that several dealers have been liquidating their stocks ahead of the budget, expecting adjustments by domestic steel mills if the government accedes to the mills' demand for higher tariff protection against rising import competition.
$1 = INR 62.02