Local Indian cold rolled coil (CRC) prices remained stable on sustained bookings received by re-rollers and trade channels as end users restocked aggressively and expected base price hikes by mills for September.
More specifically, benchmark 0.9 mm CRC trade price remained stable at INR 60,800/mt ($735/mt) ex-Mumbai and INR 60,450/mt ($731/mt) ex-Chennai in the south.
The sources said that at least few standalone rerollers were reporting shortage of hot rolled coil (HRC) to feed their rerolling mills forcing them to delay deliveries of CRC to large industrial users. Even though this was being claimed to be a ‘temporary phase’ it indicated strong demand and tight supplies and market potential to seek higher levels over the next few weeks, the sources said.
“Southern India based automobile manufacturers have emerged to be the most aggressive in restocking supported by industrial specialized packaging solution companies. There are some delays in completing deliveries against long term supply contracts,” a Mumbai based distributor said.
“But this has not yet triggered an impact on prices because some emergency import bookings heard in the market but no definitive data are available with market participants,” he said.
$1= INR 82.70