Indian Steel Market Remains Positive, Will The Trends Continue?

Indian steel market closed on a positive note in terms of price movements, in yesterday’s (27 Dec) trading session.

The prices of across commodities rose by Rs 300-1,600/ton, however, with the significant price rise, the majority of buyers opted to wait-and-watch mode with anticipations of no significant change further.

However, in our conversation today, we assessed that the prices of the secondary steel market are likely to remain strong on the back of bullish trends, and sufficient (healthy) orders with suppliers.

In addition, there is hope that the prices of key raw materials, i.e., iron ore, are likely to increase for Jan deliveries by the Chhattisgarh-based major miner, also known as India’s largest Iron ore miner.

The manufacturers in central India reported that with the continued surge in sponge iron offers, the raw material (Iron ore & Pellet) suppliers are also eyeing to announce a hike soon.

Also, with resumed exports of steel and other materials along with improved domestic sales, there is hope that the large mills will keep prices northwards of their finished steel products.

Analyzing these developments, the manufacturers are bullish on the price movement of their respective commodities.

However, the sentiments will depend more on the global, especially in the Chinese steel market, assessed from trade sources.

Also Read:- Indian Pig Iron Prices Increase, Supported By Surge In Steel Prices