Steel prices in Indian market, which have been subdued amid weak demand and liquidity crisis likely to stabilize soon.Market traders see there is no scope of further correction as mills are cutting their productions on heavy losses.
“There is hardly any room left for correction, markets are bleeding, any more fall in prices will lead manufacturers to sell their plants. Although chances are also limited that prices will move up sharply from here.” said a steel manufacturer based in Delhi.
On the other hand steel plants based in Central and Eastern India comment that prices are falling, as there is very limited demand for finish, over that raw material prices are not moving down.
Some see it as an opportunity to stock at low levels.
Leave a Reply