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
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?