Local Indian cold rolled coil (CRC) prices have remained stable for the third consecutive week at around INR 38,000/mt ($572/mt) ex-works amid cautious buying and low market activity, traders said on Tuesday, November 24.
According to a Mumbai-based trader, the market expects local mills to continue maintaining their base price unchanged through December, while dealers have remained cautious about increasing stocks amid low demand.
The official said that at the same time importers have also been holding back from concluding transactions with the Indian rupee depreciating to INR 66.48 to the US dollar and with import offers remaining unchanged.
Market sources said that ex-China import offers have remained unchanged in the range of $310-320/mt CFR Mumbai for December shipment, but negligible transactions have been reported in the market.
The sources said that Indian importers are surprised about import offers remaining unchanged at a time when Chinese steel prices are seen to be softening, prompting traders to defer transactions in anticipation of declines in offer levels next month.