“Expect flat steel prices to correct in Dec”- Traders

While primary steel producers in India kept their offers unchanged for November, chances are pretty high that they will slash their prices in the month of December, owing to weak demand and high inventory of imported steel.
“Current prices are at Rs 39,200/t (including excise, VAT extra) for 2.5 mm HR coil at Gaziabad, where as imported material is costing us Rs 38,500/t for same grade. We can see prices softening in December.” said a stocking based in Gaziabad.

Market traders also highlight that manufacturers have cut export offers owing to weak demand in domestic market.