Friday, December 10,
Previously a News article published in The Economic Times said that major steel companies are likely to increase product prices by more than Rs 1,500 per tonne from January 1, driven by a recent rise in coal and iron ore costs and also due to the firming up of international steel prices on the back of a recovery in China.
Some indications are there that prices will gain momentum from the current levels as raw material is expensive but the demand for steel hasn’t picked up well.
India’s steel consumption has fell 5% in November after monsoon rains delayed demand from the construction industry, G.K. Basak, executive secretary of the steel ministry’s joint plant committee, said. Steel imports in November also fell by 62%.
Indian steel market these days is more responsive towards anticipation of events rather than actual demand and supply dynamics i.e. it has become more sentiments driven. As a result prices have moved up at most of the major mandis’ even when the demand and consumption have been low.
Leave a Reply