Local Indian cold rolled coil (CRC) prices have remained stable during the past week at INR 38,500/mt ($580/mt) ex-works, amid lower market activity and anticipated price changes by local steel mills, traders said on Tuesday, May 3.
“After losing ground late last month, local CRC prices have stabilized in the current month but there has been a sharp fall in market activity,” a Mumbai-based trader said.
“Most dealers are awaiting pricing signals from steel mills for the current month. The anticipated price changes could go either way, prompting most dealers to stay away from making any significant bookings,” the trader added.
Some market players, however, have said that, after local CRC prices indicated a correction last month, steel mills could be expected to maintain May prices unchanged as there has been a buildup of stocks at both mills and dealers.