Local Indian cold rolled coil (
CRC) prices have remained stable during the past week in the range of INR 48,700-49,000/mt ($793-798/mt) ex-works even as demand and volumes have persisted at low levels, traders said on Thursday, November 6.
According to a Mumbai-based trader, with most dealers carrying high inventories, negligible fresh bookings have been reported in the market.
With buyers uninterested in imported
CRC and with local steel mills reluctant to adjust their prices in line with low demand, local prices are expected to move sideways in the short term, he said.
Market sources have said that
CRC prices in southern Indian markets around Chennai are at the lower end of the range owing to the sharp fall in demand from the pipe and tube manufacturing sector.
$1 = INR 61.43