Local Indian cold rolled coil (CRC) prices have remained largely stable amid weak trading and the low presence of market participants owing to the festival holidays, but some standalone re-rollers are heard to have moderated prices in order to confirm larger-volume bookings.
Sources said that benchmark 0.9 mm CRC trade prices are stable in the range of INR 54,500-57,200/mt ($625-656/mt) with prices at the higher end of the range effective for bookings in southern regional markets around Chennai.
However, according to the sources, some western India-based standalone re-rollers are heard to have confirmed bookings at around INR 56,500/mt ($648/mt), having moderated prices from deals at the higher level of INR 57,800/mt ($663/mt) a week ago, following the easing of supplies and a slight rise in inventories.
“Fewer market participants were active in the market owing to the Holi festival holidays. Overall, the market sentiment will remain cautious and prices under pressure. Reports on sales growth from major user industries like automobile are mostly negative. Supply will continue to move ahead of demand and, in the best case, prices will move in a narrow range in either direction,” a Mumbai-based distributor told SteelOrbis.
$1 = INR 87.20