Close on the heels of hot rolled coil price increases, Indian integrated steel mills have commenced increasing base prices for cold rolled coils (CRC) with at least three producers announcing revised prices, SteelOrbis learned from industry officials on Wednesday, May 5.
Following the revisions, the base prices of CRC work out to the range of INR 69,500-72,000/mt ($940-974/mt) ex-works.
One of sources said that local CRC prices in India have been too low in comparison with the global market and this move by the mills was more or less expected. Last week, a deal for export CRC was done from India to Europe at $1,350/mt CFR.
The industry officials said that further base price increases are not being ruled out before June as steel mills still have headroom to push up prices by another INR 2,000-4,000/mt ($27-52/mt).
