“Steel demand has reduced by 15-20% “- Manufacturers

In spite rupee has strengthened by 7-8% in  last 3-4 weeks (hovering around 50 against a dollar) steel manufacturers have not yet capitalized on it.

Steel manufacturers say that demand from auto and construction sector has dropped down by 15-10% compared to last month.It is also reported that many re-rolling mills based in Madhaya Pradesh, Chattisgarh and Punjab are shutting down on high raw material and low demand.

“If rupee sticks to 50 mark against a dollar, expect steel prices to fall by Rs 2,000-2,500 per ton.” said a steel re-roller based in Mandi Gobindgarh (Punjab).