Local Indian cold rolled coil (CRC) prices have showed no change during the past week, remaining stable at around INR 44,500/mt ($723/mt) ex-works amid dull market conditions with buyers awaiting short-term directions, traders said on Thursday, January 29.
According to a Mumbai-based trader, prices are expected to remain stable for the next few weeks as buyers seek some certainties on import tariffs and the local currency.
The trader said that, though the Indian rupee has rebounded strongly against the US dollar over the past two weeks, the medium-term trend is uncertain given the global currency markets and the strength of the Indian rupee will determine the level of import competition in the local CRC market.
At the same time, the market is awaiting signals from the government on tariffs in response to the Indian steel ministry's proposal to hike the basic CRC import duty to 10 percent from 7.5 percent, he added.
$1 = INR 61.56