Indian Steel prices
have seen deep correction on various factors like poor Government policy,
unavailability of labor and instability in the market. High input cost should
have ideally pushed Steel prices up but have been correcting on missing
demand.
“Indian Steel
prices should have shot by Rs 800-1,000/MT on rising input cost but has gone
down on missing demand. Iron Ore and Coal prices went up by Rs 700/MT and Rs
800 respectively. Poor infrastructural spending, high interest rates,
Government policy failure and unstable currency has resulted in falling
markets”, said a senior official of Monnet Ispat.
“But this is a
temporary phenomena. Steel demand is expected to recover in the 2nd Quarter
of this year. It might start anytime in the near term”, he added.
Monnet Ispat is
offering Raipur Sponge Iron at Rs 23,500/MT (Basic price) and that of Raigarh
at Rs 24,000/MT (Basic price).
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