Local Indian CRC prices soften for fourth straight week amid rising stocks

Tuesday, 07 March 2017 11:26:26 (GMT+3)   |   Kolkata
       

The local Indian cold rolled coil (CRC) market has continued its downward movement for the fourth consecutive week, softening by INR 500/mt during the past week to INR 47,500/mt ($713/mt) ex-works, amid ongoing rises in inventories across the market, traders said on Tuesday, March 7.
 
"The Indian steel flat product market has been showing divergent trends. While hot rolled cold product prices have appeared to stabilize, such stability has been absent for a month now in the case of CRC," a Mumbai-based trader said.

"The sustained fall in CRC prices could be attributed to the fact that inventories at steel mills and dealers are very large and stock movements have slowed down further amid a lack of interest from end-users," the trader added.
 
At least two traders said that several dealers in the western and southern Indian markets are facing a severe liquidity crisis having large inventories bought at higher price levels and are saddled with idle stocks now.
 
The traders said that several dealers in the west and south are reportedly offering distress discounts in the range of INR 500-1,000/mt in a desperate bid to improve cash flows.

$1 = INR 66.64


Similar articles

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Scrap & Raw Materials

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News

US flats source believe HRC prices are “at or near the bottom”

22 Mar | Flats and Slab

Romania’s sole flats mill cuts HRC prices, raises HDG and PPGI prices

22 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 12, 2024

21 Mar | Flats and Slab

US HRC prices still ticking downward, prices expected to bottom this month

15 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 11, 2024

14 Mar | Flats and Slab

Stocks of main finished steel products in China up 4.0 percent in early March

14 Mar | Steel News

Baosteel keeps local HRC prices stable for April

12 Mar | Flats and Slab