Indian Steel Prices Change During The Second Week of 2023 On Active Demand And Upcoming Price Trends

Lately,  steel prices of mid-sized mills surged by Rs 200-1,500/ton ($2-18). Demand was a little low during the mid of the week but at the weekend, it rebounded, which led a to surge in offers. Prices of raw materials including metallics fluctuated by Rs100-500/ ton this week. 

Also, a few primary mills announced a hike in long steel (rebar) prices by Rs 1,500/ton ($18) for the second half of January 2023. Other mills are likely to follow the suit and may announce the price hike in the next week. 

With the revision in offers, primary mills rebar prices stand at around Rs 60,000-60,500/ton ex-works Mumbai and Delhi (NCR). Mid-sized mills’ prices stood at around Rs 56,500-57,000/ton ex-works Mumbai and Rs 55,500-56,000/ton ex-works Delhi. 

Demand for flat steel products is improving steadily and almost all the major steel mills have got 100% bookings for January 2023. Prices in the traders market also increased by Rs 1,500-2,000/ton in January 2023. 

Upcoming Price Trends Insight

Central India- Industry experts in the central region reported non-selling pressure for finished steel sales. Hence, they remained optimistic about the price movements of steel and are expecting positive trends in the coming week. 

Western and Eastern India- In the west and east India-based steel mills, steel plants have sufficient orders. Currently, they are not in a hurry to sell materials with an assumption of further strengthening of prices. 

Northern and Southern India- In northern and southern India, relatively weak trends were observed due to festive moods in both regions. However, market experts feel that trade activities will improve in the coming week, once festive celebrations are over. 

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