Local Indian cold rolled coil (
CRC) prices have remained stable during the past week at INR 49,500/mt ($818/mt) ex-works, amidst dull market conditions with negligible transaction volumes, traders said on Thursday, August 28.
"Market sentiment has been worsening since the demand revival promised by the new federal government is not in sight. The overall slowdown in manufacturing is persisting and dealers have been unwilling to conclude large transactions," a Mumbai-based trader said.
"Indian
CRC exports are also temporarily on hold amid speculation regarding US trade action against flat product imports from Asian producers. This could also put pressure on the current levels of local prices, prompting dealers to delay fresh bookings," he added.
Market sources said that ex-China
CRC offers at around $605-610/mt CFR Mumbai have been turned down by importers as inventories at most dealers are at higher levels and as stocks are moving slowly.
$1 = INR 60.49