Weak demand situation from automobile sector, white goods and construction has severely affected steel prices, said Mr Ankit Miglani, Deputy MD Uttam Galva to a private news channel.
“NMDC has cut off the prices by about 11 percent because they had increased prices to unrealistic high levels. This has led to a significant amount of import of iron ore and iron ore spirits which was not foreseen. In reality, the price of iron ore in India is unrealistically high,” he further added.
We are not seeing a very strong demand situation. In addition to that, we are seeing cash crunches with our buyers. So, even though they might want the steel they are not in a position to buy the steel.
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