Local Indian cold rolled coil (CRC) prices have showed no material change during the past week, remaining at INR 49,000/mt ($792/mt) ex-works, while transaction volumes have been on the low side, traders said on Thursday, October 16.
Buyers are not interested in concluding fresh bookings since existing stocks are moving slowly and so they prefer to wait for local steel mills to adjust prices to face import competition, two Mumbai-based traders said.
Barring some modest demand from the pipes and tubes sector in the southern region, CRC off-take in most other local markets has slowed down, resulting in a lack of interest from buyers, the traders said.
Sources said that local steel mills are resisting adjusting their CRC prices even though they have lowered their prices of long products in the face of sluggish market conditions and threats from Chinese imports.
$1 =INR 61,9