Local Indian CRC prices surge on strong buying, expected price hike by mills

Tuesday, 02 January 2018 14:27:23 (GMT+3)   |   Kolkata
       

Prices in the local Indian cold rolled coil (CRC) market have increased by INR 2,500/mt during the past week to INR 46,500/mt ($730/mt) ex-works, amid strong buying support and anticipation of base price hikes by domestic steel mills, traders said on January 2.

Market sources said that Indian steel mills are expected to announced a stiff increase in CRC base prices of around INR 2,000/mt over the next few days, prompting all-round buying support from end-users as well as fresh bookings by dealers.

“The price hike is expected to be one of the highest over the past several months,” a Mumbai-based trader said. “With any possibility of a correction of prices even at current high levels being discounted, buyers across market segments have resumed making large-volume bookings,” the trader added.

However, according to two other traders, the only uncertainty hovering over the bullish market conditions is the current appreciation of the Indian rupee which over the past week has strengthened to around INR 63.70 to the dollar and its possible impact on levels of imports in the coming week.

$1 = INR 63.69


Similar articles

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

Ex-India HDG and CRC prices edge down, trade remains in doldrums

28 Mar | Flats and Slab

Ex-China CRC offer prices fail to recover amid futures price drop

27 Mar | Flats and Slab

CRC consumption in Mexico up 23.4 percent in January

26 Mar | Steel News

CRC import price offers stable in Brazil

25 Mar | Flats and Slab

Indian CRC prices stable amid thin trading and negative manufacturing outlook

25 Mar | Flats and Slab

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News

US flats source believe HRC prices are “at or near the bottom”

22 Mar | Flats and Slab

Romania’s sole flats mill cuts HRC prices, raises HDG and PPGI prices

22 Mar | Flats and Slab

Flat steel prices in local Taiwanese market - week 12, 2024

21 Mar | Flats and Slab