Steel prices in India have corrected almost Rs 2,500-3,000 ($ 45-55) per tonne in last one month on factors like seasonal slowdown and falling global steel prices.Industry veteran anticipate prices to stabilize in coming weeks.
“It looks prices have bottomed out and we see steel prices in international market stabilizing.” said a steel manufacturer based in Mumbai.
It is also reported that a steel plant has booked 500 tonnes of shredded scarp at $415/t CFR Mumbai which will be delivered after a month.
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