Local Indian cold rolled coil (CRC) prices have increased by INR 3,000/mt ($44/mt) over the past week to about INR 47,500/mt ($696/mt) ex-works, as Indian steel mills have commenced upward revisions of base prices for the current month, traders said on Tuesday, December 6.
“Contrary to expectations of some players in the market that steel mills would remain
unchanged in view of the liquidity crisis, there has been a stiff hike in base prices for current month deliveries,” a Mumbai-based trader said.
“On the downside, this high increase in base prices negatively has impacted trading volumes at the dealers’ end as most CRC products are moving very slowly since there is a cash liquidity crunch and as market participants are also deferring fresh bookings,” the trader added.
Market sources said that Indian mills’ price revision for CRC was of around $44/mt and this is being entirely passed on to consumers through a matching increase in dealers’ prices.
$1 = INR 67.94