Metallurgists expect growth in prices for steel and metal products - expert

Analysts, as well as some auto industry executives, said there is a possibility of an increase in car prices. And this, in turn, makes it possible to assume that the raw materials used in production may increase in price, although representatives of the automotive industry do not want to reveal their strategy.

Steelmakers' hopes in India are at their highest as they anticipate increased demand from automakers and are also looking forward to a rise in prices in the auto industry by about 2 percent. There are high hopes for strengthening demand from the construction industry, which should complete its raw materials purchases by the end of March next year.

Metal analysts at Emaky Global Financial Services say that a total rise in steel prices of 2 to 3 percent in the domestic market could be expected, which could range from $ 8.13 to $ 16.26 per tonne.

They also state that there is a high likelihood that car manufacturers, following their tradition, will increase prices by 2 percent starting in the new fiscal year. The prerequisites for increased purchases from the construction industry are also strong.

Now manufacturers of steel products, who were forced to abandon the growth in prices for their products during the summer, are once again gaining grounds for strengthening in the steel market due to the expected rise in prices and demand from their main consumers.