Local Indian cold rolled coil (CRC) prices have remained stable for the second consecutive week at INR 49,500/mt ($734/mt) ex-works amid small trading volumes and buyers awaiting pricing signals for the current month, traders said on Tuesday, February 7.
"Stocks at the dealers' end are on the higher side and most market participants are still waiting to hear base price indications from steel mills, prompting buyers to stay on the sidelines," a Mumbai-based trader said.
"Current CRC prices are on an edge. Demand continues to be sluggish, stocks are moving slowly, but steel mills are unlikely to adjust prices downwards amid rising input costs. Hence, domestic prices can go either way from current levels," the trader added.
Market sources said that the Ministry of Steel has commenced progressively reducing the number of steel product categories under the minimum import price regime, with 19 products withdrawn from the import restriction on Monday.
The sources state that the extent of pressures from imports on prices of domestic steel is not yet clear and this is also keeping the market quiet for now.
$1 = INR 67.41
