Tuesday, April 05,
Flat steel prices in the domestic market are expected to correct soon. However, the quantum of correction is not yet defined.*
According to Jayant Acharya, Director, JSW Steel “There will be a correction downwards, but to what extent we haven’t decided as yet. We will have a better picture over the next couple of days. The dip, however, is expected to be shortlived. The April-June quarter is normally when there is likely to be an inventory correction.”
Bhushan Steel would also decide tomorrow, but the market would not be able to absorb any more increase, said managing director Neeraj Singal. The move would be in line with the global trend. Shagang Steel, the biggest private producer in China, has announced a cut of around $23 a tonne in hot rolled coil, the benchmark for steel prices, spurred by a weak market. In the domestic market, HRC prices are at Rs 37,000/MT.
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