Local Indian cold rolled coil (
CRC) prices have remained unchanged during the past week at around INR 49,500/mt ($819/mt) ex-works, with major producers keeping their base prices unchanged for the current month, coupled with slow movement of dealers' stocks, traders said on Thursday, September.
Market sources said that the largest steel producer in
India, Steel Authority of
India Limited (SAIL), has announced that it will keep its
CRC base prices unchanged during September, while other large domestic steel mills are expected to follow suit. This has provided some support for market prices even though inventories of dealers in the western and northern Indian markets are reported to be high and to be moving slowly, the sources said.
Hence, with dealers cautious about concluding fresh bookings, transaction volumes in the market are at a low ebb, the sources added.
No significant transactions for imported
CRC have been reported in the market during the week, the sources added.
$1 = INR 60.46