Indian steel prices which were running high for last few months on higher coal and iron ore prices, unavailability of iron ore and lesser imports of scrap on expensive dollar.
Now industry experts feel that steel prices can correct up to Rs 1,000-2,000/t in near term on
1.Revision of coal prices by Coal India.
2.Chances of mining re-starting in Karatanka soon.
3. Strong rupee, which will help more imports of scrap
4.Sluggish demand for finished steel
” There are chances that prices might correct up to Rs 1500-2000/t as demand is weak and we anticipate cheaper raw material in coming days.” said Mr Agrawal, a steel manufacturer based in Mandi Govindgarh.
“Demand has been weak for lase few days on tight liquidity, if it stays for few more days, we will be left with no other option but to sell our products at a discounted price.” said a re-bar manufacturer based in Bhopal
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