Local Indian cold rolled coil (
CRC) prices have remained unchanged for the fourth consecutive week at INR 45,500/mt ($699/mt) ex-works amid inactive market conditions and buyers' unwillingness to conclude fresh deals, traders said on Tuesday, June 27.
"No market participant is seen to be making any fresh bookings with the new indirect tax regime starting across the country in another three days," a Mumbai-based trader said.
"No dealer wants to be caught carrying old stocks with the old tax rate applicable once the new rate becomes effective as of July 1. At the same time, there is no clear indication of the base prices which will be charged by local steel mills for July deliveries, which has further aggravated the lack of buying interest in the market," the trader added.
Market sources said that local
CRC prices are not expected to indicate much movement until traders gain a clear picture of how the new reformed and uniform pan-
India tax structure functions and of its impact on base prices, while they will wait to see any changes in base prices by local steel mills that may be announced over the next two weeks.
$1 = INR 64.46