Indian CRC prices rise
2023-03-03 08:19:56 [Print]
BEIJING (Asian Metal) 3 Mar 23 - Supported by higher price of raw materials, steel mills in India tried to lift flat steel prices on Wednesday and the market price followed up the uptrend on Thursday. The current mainstream prices for CRC SPCC 1.0mm hover at INR65,000-66,000/t (USD787-799/t) Ex-GST, up by INR1,000/t (USD12/t) from one week ago. Given firm prices of raw materials but limited demand from downstream clients, insiders predict CRC prices in India would keep stable in the coming week.
A trader in Northwest India reported that he quoted INR65,000/t (USD787/t) without concession for CRC SPCC 1.0mm this Thursday, while they could accept bids no less than INR64,000/t (USD775/t) in early this week. "As major steel mills lifted prices by INR2,000/t (USD24/t) on Wednesday supported by rising prices raw materials, we followed up and raised prices firstly by INR1,000/t (USD12/t) on Thursday," he said, adding that his sales volume totaled around 25t on Thursday, similar to Wednesday. As the limited demand could not support another price rise shortly, he deems CRC prices would remain stable in the coming week.
The company witnessed a sales amount of nearly 9,000t in 2022 and 1,200t or so in the first two months of this year. It estimated the sales amount would reach almost 600t in March, in line with February. It holds an inventory of around 100t at present.
"We refused to sell CRC SPCC 1.0mm below INR66,000/t (USD799/t) this Thursday and sold around 15t of the material at this price," revealed a trader in North India, adding that he maintained the price unchanged at INR65,000/t (USD787/t) from last Thursday to this Wednesday and had to lift the price according to higher EXW prices from steel mills in March production. However, the price hike failed to stimulate clients to place orders. He got three inquires on Thursday, similar to that on Wednesday. Upon firm cost but limited demand from downstream industries, he is of the opinion that CRC prices would keep flat in the coming week.
Reporting a sales amount of 7,000t or so in 2022, the company sold around 900t of CRC in the first two months of this year. It holds an inventory of roughly 50t at present, similar to one week ago.
A trader in Northwest India reported that he quoted INR65,000/t (USD787/t) without concession for CRC SPCC 1.0mm this Thursday, while they could accept bids no less than INR64,000/t (USD775/t) in early this week. "As major steel mills lifted prices by INR2,000/t (USD24/t) on Wednesday supported by rising prices raw materials, we followed up and raised prices firstly by INR1,000/t (USD12/t) on Thursday," he said, adding that his sales volume totaled around 25t on Thursday, similar to Wednesday. As the limited demand could not support another price rise shortly, he deems CRC prices would remain stable in the coming week.
The company witnessed a sales amount of nearly 9,000t in 2022 and 1,200t or so in the first two months of this year. It estimated the sales amount would reach almost 600t in March, in line with February. It holds an inventory of around 100t at present.
"We refused to sell CRC SPCC 1.0mm below INR66,000/t (USD799/t) this Thursday and sold around 15t of the material at this price," revealed a trader in North India, adding that he maintained the price unchanged at INR65,000/t (USD787/t) from last Thursday to this Wednesday and had to lift the price according to higher EXW prices from steel mills in March production. However, the price hike failed to stimulate clients to place orders. He got three inquires on Thursday, similar to that on Wednesday. Upon firm cost but limited demand from downstream industries, he is of the opinion that CRC prices would keep flat in the coming week.
Reporting a sales amount of 7,000t or so in 2022, the company sold around 900t of CRC in the first two months of this year. It holds an inventory of roughly 50t at present, similar to one week ago.
