Mid-Sized Steel Mills In India Reported Limited Inquiries
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Demand turned slow with the mid-sized steel mills because of limited inquiries as market experts remained cautious about taking positions. As a result, sponge iron, billets, and TMT prices in the week opening fell by Rs 100-500/ton.
Trade Dynamics
As per industry experts, resellers are also active in the market. To lower their finished steel stock, they are offering attractive trade discounts. Hence, the overall trade cycle is slightly disturbed in the market. A few finished steel makers in the central and eastern regions reported that they have bookings for the next 7-10 days and they are willing to get more orders in the future.
Similar comments were received from sponge iron and billet makers as they are also in hurry to get more future orders since dispatches of previous orders are going to start in the next 5-7 days.
Future Prospects
Despite the limited trade activities, the experts believe that there is no major fall in the prices as steel prices of large-scale mills are rising continuously. It is due to healthy orders for January 2023 and the first half of February 2023 along with improved demand for flat steel exports.
Insight
It seems that the prices of mid-sized steel mills are likely to remain volatile in the coming days as per the trade inquiries with the steel producers.
Read more: Indian Steel Prices Change During The Third Week Of 2023 On Low Demand
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