Local Indian cold rolled coil (CRC) prices have remained stable at around INR 43,000/mt ($687/mt) ex-works amid low volumes as buyers retreated from the market expecting price adjustments in April, traders said on Tuesday, March 31.
According to a Mumbai-based trader, buyers are not keen to conclude fresh transactions since most dealers have already been carrying high stocks towards the end of the financial year on March 31.
Trader said that the market is expecting local steel mills to announce price adjustments next month, and so as expected buyers are not keen on making any fresh bookings for the moment.
The reluctance to conclude new deals for imported CRC is reflected in the fact that negligible import transactions are reported in the market even though Chinese origin CRC offers have declined by $20-30/mt since early March to the range of around $480-500/mt CFR Mumbai, market sources said.
$1 = INR 62,57