Local Indian cold rolled coil (CRC) prices have showed a mixed trend amid the interplay of conflicting dynamics of import trades reported by a few end-use industries and the expected tightening of supplies following planned maintenance shutdowns of some mills.
Sources said that benchmark 0.9 mm CRC prices are quoted in the range of INR 52,600-56,000/mt ($605-644/mt) compared to the range of INR 53,500-55,700/mt ($616-641/mt) last week.
The lower end of the price range effective for markets around Mumbai is down around INR 900/mt ($10/mt), while quotes at the higher end of the range, effective for ex-Chennai material, are up INR 300/mt ($3/mt) compared to the price a week ago, the sources said.
“There are indications of some dumping of CRC in the market. Even if the import price we hear in the market is unverifiable, imports are still coming in at landed prices which are at significantly lower than the current local trade level price. It is unclear as to how this in conjunction with the tightening of supplies will impact prices as some mills go in for planned maintenance shutdowns,” a Mumbai-based trader told SteelOrbis.
$1 = INR 96.90