Local Indian cold rolled coil (CRC) prices have lost ground in the northern and western regions of the country by INR1,000/mt ($16/mt) during the past week to around INR 42,000/mt ($668/mt) ex-works, amid increased import transactions and lack of interest in high prices of local CRC, traders said on Tuesday, April 21.
According to a Mumbai-based trader, CRC prices came under pressures in the northern and western regions where significant import transactions have been reported during the week.
The trader said that dealers in these markets have significantly reduced their inventories of local CRC and most demand for small volumes is being met through imported CRC.
Market sources said that there was a significant rise in the volume of import transactions for ex-China CRC in the offer range of $460-480/mt CFR Mumbai for May shipments.
The sources said that import offers have remained stable during the past week, but, with local mills not making any announcement of base price adjustments, traders have been increasingly focusing on imports.
$1 = INR62.87