Indian Steel industry is going through a dull phase as high raw material product prices, poor demand and liquidity crunch have weighed on margins for Steel players in big way.
Indian Steel demand is subdued over past few months because of above mentioned factors and is not expected to improve either. Although, market participants feel that Steel prices are at their lowest and can hike any moment.. However there is no hope for any Government projects because of the upcoming elections in some parts of the country. Construction projects could rather help boost infrastructure growth.
Current market situation is very tough for small and medium Steel units in India to survive. Most of them are either closed or are operating at a very low capacity.
Re-bar prices dropped by INR 200-300/MT in Maharashtra. 12 mm Re-bar traded at INR 34,100/MT at Mumbai and Jalna.
Similarly in South and Central region of India, Re-bar prices have come down by INR 100/MT. At Hyderabad and Raipur 12 mm is quoted at INR 32,400/MT and at INR 31,700/MT respectively.
Whereas, West Bengal's steel market is closed for a few days on account of Durga Puja.
All prices are basic.
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