There is something to cheer for Indian steel manufacturers after an extremely dull phase. Steel prices have shown upward movement on strong demand and low inventory levels.
Market participants report that many plants have kept their sales closed on anticipation of further rise in steel prices in coming weeks.
“There is strong demand from Western and Southern India, prices have almost inched up Rs 1,000/t in last one week. With low production levels, most of us have preferred to keep our bookings closed. We expect prices to move up further. Last traded price for 12mm Re-bar stands at Rs 32,000-32,200/t (Basic, Ex Plant Raipur, Chattisgarh).” said a re-roller based in Chattisgarh.
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