Indian steel industry is facing one of the worst times. High input cost of coal, iron ore and power and low demand have squeezed profit margin of steel players across the country.
However, raw material prices in global markets have started showing negative trend.
1) Spot Iron ore prices touched a low of $128/MT (63.5/63 Fe, CNF) in October end and is now trading at $148/MT
2) International scrap prices have corrected by $ 20-25 /MT in last one month.
3) Imported coal prices have also started cooling off.
Mr H.M. Nerurkar, Managing Director, Tata Steel Ltd, has said that there might not be any immediate hike in steel prices and likely to be stable.
European demand has been sluggish, he told newspersons on the sidelines of a business seminar organised by the Confederation of Indian Industry here today.
Prices of raw materials like iron ore and coking coal are also likely to come down soon, he added.
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