Year 2012 has not been very good for steel industry in India.Short supply of raw material like iron ore and coal, rising power prices in various states of India, weak sales posted by several automobile companies and missing demand from real estate sector in Indian market.
Reports tell that re-bar prices are trading at their 1-year low. Last time these prices were seen in mid Nov 2011 and markets peaked during March 2012, when finance minister increased excise duty by 2%.
Market participants say that, conditions are not very bullish at the moment and prices likely to remain subdued in coming weeks.Several rolling mills have cut their productions amid weak demand and liquidity crunch.
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