Local Indian cold rolled coil (CRC) prices have remained stable during the past week at around INR 49,500/mt ($816/mt) ex-works amid low volumes with dealers reluctant to make fresh bookings, traders said on Thursday, August 21.
According to a Mumbai-based trader, local prices are supported by negligible competition from imported CRC, even though CRC products are moving slowly and most dealers are carrying sufficient stocks.
"Most CRC importers are postponing transactions, awaiting price decisions from local steel mills which have been postponed since last month," the trader said.
"Chinese CRC offers have moved down by $10/mt in the past week to $605/mt CFR Mumbai. According to market reports, at least two offers have been turned down by importers during the past week," the trader said.
"With uncertainty over base prices of local mills and with the Indian rupee above INR 60.62 against the US dollar, importers are not willing to risk margins amid conditions of low demand in the market," he added.