Indian steel prices remained subdued primarily on slow off take from consumers creating a liquidity crisis in the market. Traders and retailers do not want to stock in large as demand is still weak. Chances are less that prices will show movement either way in short term, said industry experts.
“We are running our plant at 50-60 percent capacity not because of scarcity of raw material, but due to missing demand in the market. Our sales have dropped in October and November does not look too encouraging.We have no other option but to take a shut down, many other rolling mills will also shut operations. Probably in December we might see some demand creeping in.” said a rolling mill owner based in Chattisgarh.
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