Local Indian cold rolled coil (
CRC) prices have remained stable during the past week at INR 38,500/mt ($573/mt) ex-works amid lackluster market activity, traders said on Tuesday, July 19.
"While the strong downward pressures seen in previous weeks has receded and
CRC prices have stabilized during the past week, the sharp slowdown in activity and volumes in the market has contributed to a strong negative outlook for the market," a Mumbai-based trader said.
"Market reports have continued to indicate very high inventory levels at the steel mills' end and the current stability might be just a lull before the next downturn. There is no uptick in demand expected from most large user segments," the trader added.
Market sources said that in select regions like the western Indian market, a section of dealers are offering discounts in the ranging of $10-15/mt but whether discounting will become widespread is largely dependent on a definitive price direction emerging over the next one week.