Indian Long Steel Prices correct by INR 500-800/MT on Seasonal Slowdown

Finished Long steel demand is sluggish owing to less buying from end-users.

Indian Long steel prices have corrected by INR 500-800/MT in last one week and about INR 1,500/MT in last one month owing to slowdown of construction activities in monsoons across India. Market participants have highlighted that demand will continue to remain weak in coming months.

Falling demand and lower profitability may force Indian Re-bar manufactures to cut production. Indian manufacturers also highlighted rising imports of finished steel from China at a very competitive price, which poise a great threat to Indian domestic prices.

“Steel demand generally remains subdued during monsoon; we may cut down our production if prices move down further. Only threat is rise in imports from China, which is heard to be done at a very competitive price,” said a Re-bar manufacturer based in Mumbai.

Restricted supply of Iron ore may support prices to some extent but a lot will depend on how demand picks up after monsoons get over, he further added.

 Indian Re-bar (12 mm) Price Correction