Steel and raw material prices continued to move in a narrow range for the second month in a row in January 2024 amid tepid steel demand. Iron ore fines moved up more sharply than others while portside thermal coal showed the deepest m-o-m drop. Although the mills tested the waters with some price increases last month, these were not accepted by the market amid considerable inventories. In longs, production cuts may be in the offing while flats may be challenged by rising raw material prices. With domestic demand slow, mills may become more active in exports.
