Steel prices in Indian domestic market correct marginally by Rs 200-300 per tonne over poor off-take and liquidity issue.Although market participants do not see major correction from current levels.
“Over all demand is moderate, traders do not want to stock on market uncertainties. But we are sure prices will not see major correction from here. Tight supply of iron ore and low production should support prices.Chances are also low that prices will go up in short term as liquidity and slow growth in infrastructural projects are major concerns for the industry.” said a large steel manufacturer based in West Bengal.
Currently 12mm re-bar is being offered at Rs 33,000-35,000/t (Ex-Works).
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