Active Finished Steel Sales And Optimistic Trends Lift Indian Steel Prices To Record High

Steel prices in the Indian domestic market gained momentum and are recorded at around two month high, supported by improved finished steel sales along with prevailing optimistic trends.

The producers in major producing regions of the central, east, and western parts reported healthy demand for finished steel products, following this, their purchase of raw materials was also active, which led to a surge in prices across products.

Also, the expected further rise in offers by primary steel mills has fuelled the Indian steel industry, which influenced secondary steel makers to keep prices higher.

A few secondary rebar makers in central, east, and western regions have stated sufficient bookings with them and are planning to keep prices strong for today’s trade. About 30,000 t of rebar trades were reported yesterday by the manufacturers in respected regions.

Similarly, healthy deals were reported in sponge iron and billets in yesterday’s session, hence, the suppliers are planning to raise offers for today’s trade by Rs 300-500/ton, which will largely depend on buyers’ interest, which seems to remain strong.

Outlook

Market sources are expecting, demand for finished steel products likely to remain active in the coming days as the construction works are full-fledged on approaching last quarter of fiscal year. However, rising COVID cases globally remain a major concern, which indicates trends can change anytime depending on the re-opening of the global market after the new year celebrations.

Also Read:- Indian Steel Industry Sees Moderate Demand, Will The Market Sustain?