Steel prices will neither fall or increase in January, said
Seshagiri Rao, joint managing director and group CFO, JSW Steel
Steel producers normally review and amend prices of the
commodity on the first day of every month.
Rao said there is currently a month's interval between
international and Indian steel prices. “We are not seeing prices
coming down in the near future. They will more or less remain at the same
levels as now,” Ankit Miglani, deputy managing director, Uttam Galva
Steel, said.
“The domestic demand is not robust at all, in fact, it
is sloppy at the moment but the companies have been able to maintain prices
because of the coking coal push. Fall in imports due to the rise in domestic
production is also helping the companies in maintaining steel prices,” said
an analyst.
Overall steel production may reach 4 per cent higher over
last year, Rao said, but is still far from the projected 8 per cent to 10 per
cent growth.
“Steel production might increase in the coming months
but demand pick-up will take longer to revive,” Rao said.
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