India: CRC Prices decline on Cheaper Imports

Indian Cold Rolling Coil prices have fallen amid rising imports from China. Domestic prices have declined by INR 500-1,000/MT W-o-W.

CRC prices have fallen below INR 45,000/MT levels within a short span of time and traders expect prices may correct further till imports are checked.

CRC of 0.8 mm and above is currently offered at around INR 43,000-43,500/MT in Bellary. Traders & dealers in Bellary informed SteelMint that recent auctions of CR Coils elicited poor response from participants and prices are likely to recede further. CRC is offered at INR 43,000/MT in Chennai. Whereas, it’s trading at INR 44,000/MT in Ludhiana.

Import threat looming 

Falling imported CRC offers from China continue to put pressure on domestic prices. Prime CRC is offered at USD 460-470/MT, CIF India and secondary CR sheets from Thailand is offered at USD 450-460/MT, CIF Chennai. The consignment of secondary CR sheets is expected to be delivered within 20 days.

Market participants are optimistic of a duty hike in Flat steel products in this budget. They hope domestic CRC prices to stabilize if imports are under control.

*All domestic prices are inclusive of ED, VAT extra
**Prices are CNF India basis