Local Indian cold rolled coil (CRC) prices have remained stable during the past week at around INR 49,000/mt ($797/mt) ex-works, amidst negligible transaction volumes, traders said on Thursday, November 13.
According to a Mumbai-based trader, as most buyers have been maintaining a wait-and-see approach, sluggish conditions have prevailed in the market with minimal transaction volumes.
Several traders backed out of concluding import transactions for December-January shipments, which has enabled local prices to hold their ground, he said.
Market sources have said that the government is holding talks with several local mills to consider higher tariff barriers on imports by increasing import duty to the range of 10-12.5 percent from 7.5 percent at present.
A decision by the government is expected shortly and hence importers have been cautious about concluding transactions, the sources added.
$1 = INR 61.51