From The Economic Times · ANI · · 1m 30s
India's steel prices set to hold firm through September
Post-monsoon demand and supply constraints are expected to keep domestic steel prices elevated.
In brief
Post-monsoon demand and supply constraints are expected to keep domestic steel prices elevated. Indian steel prices will likely stay firm in September due to recovering construction demand and maintenance-driven supply shortages, with rebar outpacing hot rolled coil price gains. Originally reported by The Economic…
Steel prices to stay firm in September
Domestic steel prices are expected to remain elevated as post-monsoon construction activity gradually recovers and maintenance-related supply constraints support the market.
Rebar outpaces hot rolled coil gains
Rebar prices are expected to rise faster than hot rolled coil prices in September, narrowing the spread between them as supply constraints persist and domestic demand improves.
August rebar prices surge 8.6 percent
Blast furnace rebar prices jumped 8.6 percent month-on-month to 53,294 rupees per tonne in August, breaking a three-month losing streak as planned maintenance constrained supply.
Steel consumption grows 6.5 percent
Finished steel consumption rose 6.5 percent year-on-year to 14.4 million tonnes in July, while crude steel output increased 1.2 percent to 14.3 million tonnes, supporting price recovery.
Exports surge 44 percent, imports rise 9.5
Steel exports jumped 44.1 percent year-on-year to 0.7 million tonnes in July, while imports increased 9.5 percent to 0.7 million tonnes, making India a marginal net importer.
Non-ferrous metals also gain strength
Aluminium, copper and zinc prices rose 2.9, 5.8 and 7.7 percent respectively in August as tight supplies and lower inventories supported the non-ferrous metals market.
The essence
Indian steel prices will likely stay firm in September due to recovering construction demand and maintenance-driven supply shortages, with rebar outpacing hot rolled coil price gains.
