According to industry consultant SteelMint India, domestic steel consumption is projected to suffer in the next quarters due to "extremely high steel costs" and steadily rising fuel prices. Steel prices are at an all-time high in India. SteelMint India reported on Thursday that rebar prices are between Rs 72,000 and Rs 73,000 per tonne.
HRC prices in the domestic market were between Rs 68,000 and Rs 69,000 per tonne in the first week of March, while CRC prices were between Rs 73,000 and Rs 74,000 per tonne. Rebar priced between Rs 67,500 and Rs 68,500 per tonne.
Expect demand to be negative in approaching quarters
Due to increased steel and gasoline prices, which may delay purchase activity. The government increased petrol and diesel prices by 80 paise per litre on Thursday, the ninth rise in ten days, bringing the total increase to Rs 6.40 per litre.
Increasing fuel prices would have an impact on steel logistics, which might affect demand, according to the firm.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.