Latest News | Steel Prices in India to Remain Under Pressure over Near Future: Icra
Get latest articles and stories on Latest News at LatestLY. Icra on Friday said it expects steel prices to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends.
New Delhi, Sep 2 (PTI) Icra on Friday said it expects steel prices to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends.
The rating agency also expects the steel demand in the domestic market to grow at 7-8 per cent in the current financial year, making the country the fastest-growing large steel markets globally this year.
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"We expect domestic steel prices to remain under pressure over the near term, since domestic steel prices cannot be insulated from the trends emerging in global steel markets," Icra Senior Vice-President & Group Head, Corporate Sector Jayanta Roy said.
Domestic steel mills face a tough time ahead as the external environment is becoming more and more challenging in key global consumption markets.
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The steel demand in China, which accounted for 52 per cent of the global demand in 2021, is witnessing a decline as the economy prepares for the combined impact of the property bubble, strict zero Covid lockdowns, and a severe ongoing heatwave.
(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)