Sajjan Jindal-led JSW Steel on Tuesday said it
does not see domestic steel prices coming down in the near future as iron ore
rates remain high.
“In case of coking coal, we are seeing some softness as the trend of
global production is somewhat downward, but not in the case of iron ore.
“Still iron ore prices are strong… Steel price won't go down,” said
JSW Steel Deputy Managing Director MVS Seshagiri Rao , when asked
whether there was an upward bias on steel prices.
Coking coal price has been ruling high in international markets as a result of
flash floods in Queensland province of Australia, which meets more than half of
the raw material demand of the world market.
With the resumption of production and a slight moderation in global steel
production, the price of the raw material started cooling and now stands around
USD 118 per tonne now.
Global steel price is hovering at around USD 800 a tonne, which is slightly
higher when compared with the domestic market. Iron ore is trading at USD 81
per tonne.
Asked if JSW Steel has effected any price hike from the beginning of the month,
Rao answered in the negative, but said that the company was reviewing the
situation, though it is yet to take any call.
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