The local Indian cold rolled coil (CRC) market has moved on a downward trend for the third consecutive week, with prices falling by INR 500/mt in the past week to INR 48,000/mt ($719/mt) ex-works in reaction to the continued rise in inventories and sluggish bookings, traders said on Tuesday, February 28.
Market sources said that over the past three weeks market prices have moved down by a total of INR 1,000/mt in reaction to mounting stocks at steel mills.
"Most dealers have stopped making fresh bookings. Most are carrying large stocks procured at higher prices and are facing a slowdown in bookings by end-users," a Mumbai-based trader said.
"Dealers and buyers are also staying on the sidelines awaiting pricing signals from steel mills for March deliveries. However, a downward price adjustment by mills is unlikely as most are claiming rising input costs," the trader added.
$1 = INR 66.74
