Local Indian CRC prices stable amid decline in market volumes

Tuesday, 31 May 2016 10:47:40 (GMT+3)   |   Kolkata
       

Local Indian cold rolled coil (CRC) prices have remained stable during the past week at INR 41,500/mt ($617/mt) ex-works even as volumes in the market declined with buyers remaining on the sidelines, traders said on Tuesday, May 31.
 
"The market is either taking a breather after the gains main early in the month. Or a correction could be around the corner as buyers largely prefer to stay away, awaiting pricing announcements for next month from local steel mills," a Mumbai-based trader said.
 
"There are no clear signals in the market from local steel mills. Most buyers are awaiting a direction before making any fresh transactions," the trader said.
 
"My feeling is that CRC prices will remain flat at current levels in the absence of any demand uptick. Downside risks are also limited as local mills are unlikely to adjust their base prices despite the slowdown in volume offtake at the dealers' end," he added.
 
However, a section of market sources did not rule out discounting of around INR 400/mt ($6/mt) by some dealers if prices consolidate at current levels and if the dealers still have high levels of inventories.
 
$1 = INR 67.23

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

Ex-India HDG and CRC prices edge down, trade remains in doldrums

28 Mar | Flats and Slab

Ex-China CRC offer prices fail to recover amid futures price drop

27 Mar | Flats and Slab

CRC consumption in Mexico up 23.4 percent in January

26 Mar | Steel News

CRC import price offers stable in Brazil

25 Mar | Flats and Slab

Indian CRC prices stable amid thin trading and negative manufacturing outlook

25 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