In the past week, local Indian cold rolled coil (CRC) market prices have remained stable for the fifth consecutive week at around INR 39,000/mt ($587/mt) ex-works, despite steel mills hiking their prices and amid muted demand, traders said on Tuesday, April 12.
“Local steel mills have increased base prices but most dealers have kept their prices stable as most are carrying high stocks and facing slow stock movement,” a Mumbai-based trader said.
“Price increases by steel mills are not being passed on to end-users. However, it seems only a matter of time before dealers adjust their prices,” the trader said.
“The CRC market is passing through one of its most recent stagnant phases with scarce buying interest. If the current situation persists, dealers will have no option but to consider resorting to discounts to push volumes despite the rise in base prices,” he added
Market sources said most large steel mills have increased their CRC prices by INR 500-1,000/mt ($7.50-15/mt) for April deliveries.