Steel prices across India have been stagnant for last few weeks. Indian traders feel that prices are likely to be range bound and there is limited scope of prices going up or going down.
” Prices are stable and expected to remain same in near term. Chances are less that prices will go down as iron ore and scrap are still not cheap. Chances are also less that prices will go up as there is not much demand. Liquidity is a major concern for the market and plants are not sitting on huge inventories, we expect prices to remain stable.” said a large steel trader based in Mumbai.
Only chance that prices will move up sharply is, if Shah commission comes out with a negative report on probe done in Odisha over illegal mining.
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