Prices in the local Indian cold rolled coil (CRC) market have remained stable during the past week at INR 47,500/mt ($741/mt) ex-works, as the market awaited pricing signals from steel mills, traders said on Tuesday, February 6.
“While some of the large steel mills like JSW have already announced an increase in HRC base prices and other mills are expected to follow suit, there is no definitive price indication in the case of CRC so far,” a Mumbai-based trader said.
“While the market expectations are largely factoring in an increase in CRC prices too, there are differing reports on the levels of CRC inventories at mills, which may temper any price increase but the uncertainty is expected to clear up during this week,” the trader added.
At least two other traders said that steel mills have a strong case for going in for a aggressive revision of CRC prices considering that the Indian government has reiterated its stand that it will consistently support domestic producers by checking imports of finished steel through policy initiatives whenever required.
$1 = INR 64.24