Indian secondary steel manufacturers hold increased prices, as they expect demand to witness from 10th January onwards. However considering this sudden hike by Rs 1000-1200 per tone broker/trader interest are low to stock the material.
On the other side primary manufacturer JSPL, and JSW yesterday declare hike in price by 2-3%, and other major steel producer likely to follow increment soon.
The trend witness in steel demand and prices, December to May is considered as pick season. As projects completion pressure increase on housing and private sector that consume 40-45% Finish steel.
In an interview, Tata Steel senior person says that, this FY steel demand likely to grow by 5.5 percent to 75 million tone as per the last FY 71 million tone. He also added reforms announced by the government will provide a fillip to growth in the economy as election due on 2014.
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