“Markets looked to have bottomed out, might rally on every small demand”-Experts

Steel prices in India have corrected over Rs 1,000-1,500/t in last few days on weak demand and labor shortage, which had resulted lower construction activities.

But situation seems to be improving as harvesting season is over and labor will get back to work, which will give a boost to construction activities.Markets are nearing its bottom said market experts.

“With high power costs, limited supply of imported scrap, high sponge prices and rising iron ore and coal prices will support steel prices. Also most of the plants are running at much lower capacity. Every small demand will see steep rise in steel prices.” said a Managing Director of large steel plant based in Chattisgarh.