Local Indian cold rolled coil (CRC) prices have remained stable during the past week at INR 43,000/mt ($646/mt) ex-works, as the market has been taking a breather and dealers have been deferring fresh bookings owing to the festival season ahead, traders said on Tuesday, October 4.
“Local CRC prices had previously moved up rapidly and most market intermediaries are now taking a pause. Also with the festival holidays ahead, dealers are not concluding fresh bookings,” a Mumbai-based trader said.
“The market is expecting a flat product price hike by local steel mills, but such a price hike is likely to be after the festivals later this week,” the trader added.
Market sources pointed out that, while the October increase in base prices could be around INR 1,000/mt ($15/mt), local CRC prices continue to hold significant upside potential as supplies from mills are tightening with many large producers reporting a sharp fall in stocks.
$1 = INR 66.58