Indian CRC market inactive
2023-03-23 08:23:51 [Print]
BEIJING (Asian Metal) 23 Mar 23 - Indian CRC market ran slowly this week as traders retreat ahead of fiscal year-end. The current mainstream prices for CRC SPCC 1.0mm hover at INR64,000-65,000/t (USD774-787/t) Ex-GST, down by INR500/t (USD6/t) from one week ago. Given weakening confidence from traders, insiders predict CRC prices in India would fall slightly in the coming week.
A trader in North India stated that most participants remained cautious as the fiscal year-end comes. He only has an inventory of 10t at present, down from 100t from one month ago. "I asked INR64,500/t (USD780/t) for CRC SPCC 1.0mm on Wednesday and could accept a concession of no more than INR500/t (USD6/t) for regular clients," he said, adding he last sold around 10t of the material at INR64,500/t (USD780/t) to a regular client one week ago. Given that sluggish demand would weaken the market performance, he predicts CRC prices would go down by around INR500/t (USD6/t) in the coming week.
The company reported a sales amount of almost 1,000t and 7,000t in the first two months of this year and in 2022 respectively. It might see a sales volume of nearly 500t in March, similar to February.
"Currently we could pick up finished products from manufacturers in the current day if we place orders with traders, while we should wait for at least two days when the market performed actively," said a consumer in Northwest India, adding that he got an offer of INR65,000/t (USD787/t) for CRC SPCC 1.0mm this Wednesday but could buy at INR64,500/t (USD780/t). He last bought around 20t of the material at INR65,000/t (USD787/t) late last week. Though prices of raw materials stand firm, he is of the opinion that CRC prices would soften slightly in the coming week due to the slow market performance.
With an annual consumption capacity of 3,500t for CRC, the company consumed around 3,000t of the material in 2022 and roughly 500t in the first two months of this year. It would use nearly 200t in March, in line with February.
A trader in North India stated that most participants remained cautious as the fiscal year-end comes. He only has an inventory of 10t at present, down from 100t from one month ago. "I asked INR64,500/t (USD780/t) for CRC SPCC 1.0mm on Wednesday and could accept a concession of no more than INR500/t (USD6/t) for regular clients," he said, adding he last sold around 10t of the material at INR64,500/t (USD780/t) to a regular client one week ago. Given that sluggish demand would weaken the market performance, he predicts CRC prices would go down by around INR500/t (USD6/t) in the coming week.
The company reported a sales amount of almost 1,000t and 7,000t in the first two months of this year and in 2022 respectively. It might see a sales volume of nearly 500t in March, similar to February.
"Currently we could pick up finished products from manufacturers in the current day if we place orders with traders, while we should wait for at least two days when the market performed actively," said a consumer in Northwest India, adding that he got an offer of INR65,000/t (USD787/t) for CRC SPCC 1.0mm this Wednesday but could buy at INR64,500/t (USD780/t). He last bought around 20t of the material at INR65,000/t (USD787/t) late last week. Though prices of raw materials stand firm, he is of the opinion that CRC prices would soften slightly in the coming week due to the slow market performance.
With an annual consumption capacity of 3,500t for CRC, the company consumed around 3,000t of the material in 2022 and roughly 500t in the first two months of this year. It would use nearly 200t in March, in line with February.
