Steel prices likely to trade higher despite moderate demand said a senior official of Jindal Steel and Power ltd.
Weakening rupee has led imports of coal and scrap expensive.Steel prices unlikely to correct in short term though demand is not encouraging, he added.
The Indian market for hot rolled coil imports has been largely quiet for more than a month now owing to the continued softness of the rupee against the dollar. Importers continue to shy away from fresh bookings said market participants.
Merchant prices of power have increased a bit to 4.25 -4.50 per unit, which has given some relief to power manufacturers, he further added.
Leave a Reply