Local Indian CRC prices settle at high level though demand is yet to improve

Monday, 07 June 2021 14:39:53 (GMT+3)   |   Kolkata
       

The local Indian cold rolled coil (CRC) market has showed little activity during the past week with key user industries still watching how pandemic restrictions are lifted across the different regions before making fresh bookings, although the floor of the price range has moved up with re-rollers declining supply commitments at lower levels, SteelOrbis learned from trade and industry circles.

The local CRC price range in Indian has narrowed to INR 85,000-86,000/mt ($1,164-1,178/mt) ex-works compared to INR 83,000-86000/mt ($1136-1178/mt) ex-works last week.

The sources said that key consuming sectors like automobile manufacturers were still assessing how lockdown restrictions are being lifted in phases across key manufacturing hubs in the west and north before taking a decision to bring back closed assembly lines into production or increase output from existing lines operating at less than 50 percent capacity on average.

They said that most consumer durable and passenger car makers are still carrying high inventories and, considering that sales will continue to remain low even with restrictions being lifted, no industry has been in a hurry to restock raw materials and hence CRC prices are expected to remain range-bound in the coming weeks.

However, a section of market intermediaries said that prices could react if integrated steel mills increased HRC prices again for the second time in June, and standalone re-rollers will have no option but to pass on higher prices to their CRC buyers.

$1 = INR 73.00


Similar articles

CRC import offers increase slightly in Brazil

15 Aug | Flats and Slab

Indian CRC trade price slides as rolling mills increase discounted sales

15 Aug | Flats and Slab

Are US sheet steel prices nearing the bottom?

12 Aug | Flats and Slab

US CRC exports down 5.8 percent in June

11 Aug | Steel News

Flat steel prices in local Taiwanese market - week 32

11 Aug | Flats and Slab

HRC suppliers in Turkey in upward mood, demand still fails to support

10 Aug | Flats and Slab

Ex-China CRC prices move up amid positive mood, limited local upside

10 Aug | Flats and Slab

Baosteel cuts local HRC prices by $15/mt for September

10 Aug | Flats and Slab

Turkey's CRC imports down 8.4 percent in January-June

09 Aug | Steel News

Will Nucor Sheet Mill Group’s $50/nt price increase push US prices higher?

08 Aug | Flats and Slab