News and Events

Steel prices in India set to decline a bit

BS reported that steel prices in India are set to be revised downwards over the next few days. As per report, after an increase by around INR 2,000 a tonne over the past two months, an adjustment of INR 500 to INR 1,000 a tonne is likely, with retrospective effect from April 1.

The report cited Mr. Jayant Acharya, Director Sales and Marketing of JSW Steel as saying that “There will be a correction downwards, but to what extent we haven’t decided as yet. We will have a better picture over the next couple of days.” The dip, however, is expected to be short lived.

Mr Acharya said that “The April-June quarter is normally when there is likely to be an inventory correction.”

Mr Neeraj Singal MD of Bhushan Steel said that the move would be in line with the global trend he also added that the market would not be able to absorb any more increase.

(Sourced from BS)