Steel companies are likely to cut flat steel prices to Rs 1,500 per tonne, one of the sharpest changes this fiscal year. The potential drop is due to a global decline in prices, a decrease in exports from India and an increase in imports from countries such as Korea and Japan.
Globally, steel prices have corrected: China recorded the highest monthly production at 82.5 million tonnes (tonnes) versus 70-73 tonnes on average. Due to the fact that countries with disabilities supply surplus products, which, as a result of trade wars, is promoted to the export markets of India. Even though export markets are becoming limited for domestic producers, imports from Korea and Japan continue to grow, resulting in a surplus of material in the domestic market. “While the US, Europe and many other countries have taken steps to protect their domestic market, low benchmark import prices and rising imports are negatively affecting the domestic steel market.
From April to September, imports from Korea and Japan increased by 61% versus 39% from other countries. Manufacturers, however, believe that the demand factor in India has not changed, but this is a global phenomenon affecting India.
Indian steel companies may lower prices for flat metal products
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Azovpromstal® 11 December 2018 г. 10:59 |
