Local Indian cold rolled coil (
CRC) prices have remained stable during the past week at around INR 49,500/mt ($814/mt) ex-works as low demand has forced domestic steel mills to keep their prices unchanged amid mixed signals from user industries, traders said on Thursday, September 11.
According to a Mumbai-based trader, demand from user industries is showing divergent trends with
CRC stocks moving faster in the automobile sector, but there has been a marked slowdown among buyers in pipe and tube manufacturing units in southern and western Indian regions.
Local
CRC prices have been also supported by negligible interest in imported
CRC, with no significant transactions reported during the week, the trader said.
Market sources said that traders are expecting local
CRC prices to continue to move sideways since the marginal rise in industrial growth has not been reflected in any incremental increase in demand for
CRC, while traders have been carrying sufficient
CRC inventories.