Indian Steel Industry Sees Moderate Demand, Will The Market Sustain?

Indian steel suppliers reported low to moderate demand in the prevailing week. However, despite the subdued activities, the mills have maintained their offers on northward trends.

Since we have enough future bookings we were keeping offers higher, industry leaders reported. Also, the mills added that ongoing bullish trends somehow support price trends in the domestic market.

Steel makers in the eastern region reported active sponge exports and volatile domestic demand, It will balance supply-demand trends, and ultimately, the prices of across commodities are likely to remain in the same range with the marginal change in offers in the coming few days.

Whereas in the western part, the steel producer in Maharashtra reported flat production as well as demand, which influenced them to adjust their offers as per spot demand on a day-to-day basis.

In line with the central region, the manufacturers in Chhattisgarh stated, promising orders with them, hence they are also not looking for any drastic change in prices if the demands remain in the same line.

Similarly, the largest steel producers in India are optimistic. The mills have reported healthy orders from domestic buyers, especially from Infra, project sectors. Secondly, analyzing export opportunities.

As per them with recent nil in export duties in steel and raw materials, they are bullish for exports, especially for the flat products as export offers of other countries strengthened, especially from China, Japan, and the Vietnamese mills.

Things to play a key role in sustainable development

With surging COVID cases globally, people are unclear about the long-run market outlook as the major countries are on holiday for the new year celebration.

More clarity in the market can be observed, once the market reopens after celebrations.

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