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Steel price to go up further in coming months - JSW Steel

The global steel demand has seen a growth in excess of 13% in the year 2010. The revival in the advanced economies and the consumption levels across all continents in the world is propelling the demand for steel worldwide.

JSW said “The Indian manufacturing growth remains positive driven by the demand from key consumption sectors such as infrastructure, automotive, consumer goods and housing, to name a few.”

It said “The demand for steel in India has seen a robust growth in excess of 9% to 10% over the year 2009-10. Rapid urbanization and spending on infrastructure within India is certain to drive steel demand and in the year 2011-12, it is estimated demand is likely to grow by 12% to 14%.”

It said “The international market also has seen a steady rise in steel demand and prices, and the global supply of finished steel also remains well balanced.”

It said “The deluge in the Australian coal mines coupled with low supplies of iron ore from India is resulting in a price volatility pushing up input raw material prices and compelling the steel manufacturers to increase steel prices.”

JSW concluded “Going forward, due to this cost push of the input raw materials, steel prices are likely to see further increase in the coming months.”