+
Indian steel prices fall on Chinese demand
Steel

Indian steel prices fall on Chinese demand

Steel prices have taken a downslope after large steel manufacturers slashed prices of hot rolled and cold rolled coils by up to Rs 1,500 a tonne in the first week of March.  This is the first significant price cut in the last nine months. JSW Steel, one of the largest producers of steel in the country, cut prices of hot rolled and cold-rolled coils by Rs 1,000 a tonne.

Domestic prices of hot rolled coil surged 54% year-on-year in the December quarter amid a robust recovery in domestic demand, similar to higher global steel prices. Those prices corrected themselves by 3% in mid-February this year to Rs 53,750 per tonne but were still 40% higher on a year-on-year basis. 

A report from India Ratings and Research said domestic steel prices have reduced due to rising inventories with traders who are reluctant to procure steel at the high price levels since they have sufficient inventories, a slight moderation in demand from auto and pipe makers, and a disparity between the mill price and trade price.


Domestic rebar prices have also corrected due to the reduction in iron ore prices and increasing production by secondary steel producers. Domestic rebar prices in mid February were at Rs 48,800 a tonne, which is 9% lower on a month-on-month basis but 38% higher compared to the same period last year. 


Experts believe that the Chinese demand is likely to remain largely stable in 2021 with the steady recovery of its economy, and that any production cut may lead to a price hike, which may force prices in India on the upward trajectory again.


Access latest steel prices here.


Image Source

Steel prices have taken a downslope after large steel manufacturers slashed prices of hot rolled and cold rolled coils by up to Rs 1,500 a tonne in the first week of March.  This is the first significant price cut in the last nine months. JSW Steel, one of the largest producers of steel in the country, cut prices of hot rolled and cold-rolled coils by Rs 1,000 a tonne. Domestic prices of hot rolled coil surged 54% year-on-year in the December quarter amid a robust recovery in domestic demand, similar to higher global steel prices. Those prices corrected themselves by 3% in mid-February this year to Rs 53,750 per tonne but were still 40% higher on a year-on-year basis. A report from India Ratings and Research said domestic steel prices have reduced due to rising inventories with traders who are reluctant to procure steel at the high price levels since they have sufficient inventories, a slight moderation in demand from auto and pipe makers, and a disparity between the mill price and trade price.Domestic rebar prices have also corrected due to the reduction in iron ore prices and increasing production by secondary steel producers. Domestic rebar prices in mid February were at Rs 48,800 a tonne, which is 9% lower on a month-on-month basis but 38% higher compared to the same period last year. Experts believe that the Chinese demand is likely to remain largely stable in 2021 with the steady recovery of its economy, and that any production cut may lead to a price hike, which may force prices in India on the upward trajectory again.Access latest steel prices here.Image Source

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?