“Weak rupee has kept steel prices firm”- Tata Steel

The weakening of the Rupee against the US dollar has helped the country's Steel Industry see steel prices remaining firm said 
Tata Steel managing director HM Nerurkar.

When asked where steel prices were headed in the near term said, “Right now, thanks to the exchange rate, they are okay, because the R which was Rs 43-44 (to a dollar) has now become Rs 55,so right now the steel prices are quite firm even though we were expecting some downturn but thanks to all this, it has not happened”.

Hot rolled (HR) coil prices (in $/tonne) have remained stable in the country for the last five-six months between $ 778-780/tonne, he added.