Local Indian cold rolled coil (CRC) prices have remained stable during the past week at INR 39,000/mt ($586/mt) ex-works, amid a revival of buying activity ahead of anticipated price hikes by domestic steel mills, traders said on Tuesday, April 19.
“With little downside potential in the short term and given market reports indicating another round of CRC price hikes by local steel mills, dealers are active in making fresh bookings,” a Mumbai-based trader said.
Sources said that, after increasing prices of flat products early in the month, market reports indicate that local steel mills are considering yet another price increase of around INR 500/mt ($7.5/mt) before the end of the month, prompting restocking among market participants.