Local Indian cold rolled coil (
CRC) prices have remained stable for the second consecutive week at INR 47,000/mt ($722/mt) ex-works amid inactive market conditions with participants staying on the sidelines due to month-end considerations, traders said on Tuesday, March 28.
"Lack of activity has persisted for the second week as no one has been willing to conclude any deals as the market is expecting base price revisions by Indian steel mills early next month," a Mumbai-based trader said.
"Even expectations of an increase in base prices by steel mills have not triggered early buying as most dealers are carrying very high inventories and stocks are moving very slowly," the trader added.
Market sources said that information trickling in from steel mills has indicated that they are considering an across-the-board base price hike of INR 1,000/mt ($15/mt) for all flat products in April. This is expected to put further pressure on prices at the dealers' end and the sources said that, given that inventories are already at high levels, a resurfacing of discounts cannot be ruled out.
$1 = INR 65.10