Local Indian CRC prices edge up after three-week downtrend

Tuesday, 16 April 2019 11:49:44 (GMT+3)   |   Kolkata

The local Indian cold rolled coil (CRC) market has emerged from a three-week downtrend, edging up by INR 500/mt during the past week to INR 47,000/mt ($676/mt) ex-works but doubts persist among intermediaries over the sustainability of the revival as it has been matched by a sharp fall in trading activity, traders said on Tuesday, April 16.

“Overall market activity has been so low that even scattered stray restocking by a few market intermediaries was able to reverse the falling trend seen earlier,” a Mumbai-based trader said.

“The uptrend is unlikely to be sustained as there is no strong fundamental support from end-user demand, nor is restocking by dealers widespread and strong enough to sustain the past week’s gains,” the trader added.

At least two other traders observed that the upward price movement was “more of an aberration and not a trend indicator’ as there have been signals of a rise in imports particularly of ex-Japan CRC shipments which would, if sustained over a week or so, would renew pressures on local CRC prices.

$1 = INR 69.56

Most Recent Related Articles

Indian CRC prices slump with sentiments hit by Covid-19 cases in auto plants

Discounts deepen in local HRC market in India

Indian mills nudge up HDG export prices, tentative revival in interest from EU

Indian mills manage to raise HRC deal prices after huge sales to China

Indian CRC prices stable as bookings rise slightly with end-users resuming operations