Local Indian cold rolled coil (CRC) prices have remained stable during the past week at around INR 35,500/mt ($524/mt) ex-works although the pace of restocking by dealers has slackened, traders said on Tuesday, January 26.
"There is not much appetite for restocking among dealers amid tepid demand. There is no definite price direction in the market and local CRC prices are expected to move in a narrow range amid low activity," a Mumbai-based trader said.
"Local CRC prices have maintained their stable trend because, unlike other flat steel products, imports continue to be nonexistent," the trader added.
Market sources said that most local steelmakers have indicated that base prices will be maintained unchanged through the end of current fiscal year on March 31, 2016, and so most dealers are cautious about concluding fresh bookings at higher price levels and are keen to manage their inventories of slow moving CRC.
Chinese exporters have stopped submitting offers for CRC as there is no interest in imports among Indian traders considering that mandatory compliance to standards of the Bureau of Indian Standards (BIS) will become effective as of March 18, the sources said.
$1 = INR 67.80