India’s steel and raw material prices remained largely stagnant in September, with the demand slump due to the monsoon continuing. Some marginal declines were recorded, especially in the semi-finished and finished steel prices. Only coking coal was an exception, experiencing a decent 5% hike, amid supply concerns.
Overall, demand failed to rebound, as many had hoped, and the approach of the festive season was marked by subdued trading activity, with restocking impetus absent amid elevated finished steel inventories.
Additionally, the positive impact of the government’s GST reforms is expected to be felt in the medium term rather than immediately, so September faced limited fresh demand triggers.
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