During the past week, local Indian cold rolled coil (CRC) prices have remained stable for the second consecutive week at INR 38,500/mt ($572/mt) ex-works amid sluggish activity and market confusion over short-term pricing directions, traders said on Tuesday, July 26.
"In the flat product segment, hot rolled coil (HRC) and cold rolled coil (CRC) prices seem to be following diverse trends, with HRC prices declining and CRC prices maintaining current levels," a Mumbai-based trader said.
"Market participants are unable to predict the short-term direction of CRC prices and so they have preferred to wait on the sidelines, resulting in low market activity," the trader said.
However, some market participants have said that traders in western India have continued to offer discounts in the range of $10-15/mt to keep their inventories in check.
$1 = INR 67.36