Local steel prices may fall further on China exports
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Mumbai: Steel prices in the domestic market, which have been under pressure since late March, may fall further after a sharp surge in exports from China at lower prices that is seen undercutting exports from India amid weakening global demand.
At around Rs 57,000 per tonne, prices of hot-rolled coils in May are down by nearly 3-4% from April, and over 17% lower year on year. Steel mills are likely to reduce prices or offer discounts of ?1,500-2,000 per tonne in June as they look to push volumes, industry watchers said.
China, which accounts for 57% of the global production of steel, exported 7.3 million tonnes of steel in April, not only 82% higher than a year earlier but also higher than those in the month of April during 2017-2020, and only marginally lower than 7.97 mt exports in April 2021.
(Source : The Economic Times)
