Activity in the local Indian cold rolled coil (CRC) market has remained lackluster with just a few transactions for low volumes seen and with prices remaining unchanged at around INR 49,500/mt ($812/mt) ex-works during the past week, traders said on Friday, September 26.
According to a Mumbai-based trader, most dealers are reported to be carrying sufficient stocks and, with CRC moving slowly in the market, they are not willing to conclude new bookings.
There has been a significant slowdown in CRC offtake by pipe manufacturers in southern India and by automobile manufacturers in northern India, the trader said.
Market sources, however, said that local prices have been able to maintain a stable trend as no significant import transactions have been reported.
With the Indian currency at a seven-month low against the dollar, just a shade below INR 62 to a dollar, importers are not sure whether current market conditions will be able to absorb higher-priced imported CRC and so they have rejected offers for ex-China CRC, the sources said.