Over the past week, prices in the local Indian cold rolled coil (CRC) market have remained stable at INR 50,000/mt ($769/mt) ex-works, with a cautious mood prevailing in the market and prices critically poised, traders said on Tuesday, April 10.
“The slight weakening of CRC prices seen early in the month seems to have been replaced by stability. However, dealers are cautious as prices can go in either direction from current levels,” a Mumbai-based trader said.
“Prices are showing divergent trends in the flat product segments. While local steel mills have commenced hiking HRC prices, so far CRC prices are unchanged and the market has not received any signal of possible changes in CRC prices for current month deliveries,” the trader added.
At least two other traders said that, while steel mills are increasing HRC prices by around INR 1,000/mt, they could keep prices unchanged in the case of CRC, depending on mills' current levels of inventories.
$1 = INR 65.02