Steel makers see fall in prices
Steel

Steel makers see fall in prices

Operating conditions for steel manufacturers have deteriorated with a further fall in steel prices and rising coking coal prices. The demand environment continues to remain muted. Domestic hot-rolled coil prices fell by Rs 700 per tonne week-on-week to Rs 55,200 per tonne, said a report. The average price in September so far is 3% below the average seen in August.

Furthermore, margins are under pressure due to a sudden spike in coking coal costs following a brief period of softening trend. On the plus side, iron ore prices have remained constant.

Nonetheless, a significant increase in demand for steel is critical. Seasonality is predicted to be most severe in the September quarter (Q2FY23), with demand rebounding subsequently.

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Operating conditions for steel manufacturers have deteriorated with a further fall in steel prices and rising coking coal prices. The demand environment continues to remain muted. Domestic hot-rolled coil prices fell by Rs 700 per tonne week-on-week to Rs 55,200 per tonne, said a report. The average price in September so far is 3% below the average seen in August. Furthermore, margins are under pressure due to a sudden spike in coking coal costs following a brief period of softening trend. On the plus side, iron ore prices have remained constant. Nonetheless, a significant increase in demand for steel is critical. Seasonality is predicted to be most severe in the September quarter (Q2FY23), with demand rebounding subsequently. Also Read EESL arm, WRI join hands to promote e-buses across India Tender floated for new plant to make 80,000 train wheels

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