Aug 5,
Prices of raw material and semi finished have been moving up for past one week inspite of the fact that demand for finished steel remains low in India majorly due to monsoon season, which results in low construction activities.
“Prices of semi finished have gone up to 10-12 % in last few days, but real demand still missing said one of the brokers based in Central India.”
Most of the manufacturers, traders and brokers believe that prices have gone up due to high scrap and billet prices in International Market which rose by 10-15 % in last few days.
Steel market in India likely to correct, said many traders as consumers are not ready to absorb these high cost.
Reported by: Monica Pattanaik (monica@steelmint.com)
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