Latest News | Steel, Fuel Prices to Impact Domestic Steel Demand in Coming Quarters: SteelMint
Get latest articles and stories on Latest News at LatestLY. The domestic steel demand is expected to take a hit in the coming quarters due to "very high steel prices" and continuously rising fuel prices, according to industry consultancy SteelMint India.
New Delhi, Mar 31 (PTI) The domestic steel demand is expected to take a hit in the coming quarters due to "very high steel prices" and continuously rising fuel prices, according to industry consultancy SteelMint India.
Steel prices in India are trading at an all-time high. While hot-rolled coil (HRC) is quoting in the range of Rs 76,000-77,000 per tonne, cold-rolled coil (CRC) is costing between Rs 85,000-86,000 per tonne. Rebar price stands at Rs 72,000-73,000 a tonne, SteelMint India said on Thursday.
In the domestic market, prices of HRC in the first week of March were in the range of Rs 68,000-69,000 a tonne, while CRC was at Rs 73,000-74,000 per tonne. Rebar was costing about Rs 67,500-68,500 a tonne.
SteelMint said it "expects demand to be negative in coming quarters on rising steel prices and higher fuel prices, which may defer buying activities".
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The government on Thursday hiked petrol, diesel prices by 80 paise a litre each, the 9th increase in 10 days, taking the total hike to Rs 6.40 a litre.
Rising fuel prices will impact the logistics for the supply of steel items which may also impact the demand, the consultancy said.
According to SteelMint, domestic steel consumption is likely to be at 98 million tonnes in April 2021-March 2022.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)