Posted on 04 Jul 2022
Following a continuous drop in steel prices, Indian steel values are now expected to rebound on the back of costlier feedstock, Jindal Steel and Power managing director VR Sharma tells Press Trust of India.
"The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, 1 July by primary players mainly on account of higher input costs," Sharma says.
"While coal price is at INR 17,000/tonne [$215], iron ore prices by Odisha Mineral Corporation are still high. It is the main supplier of iron ore in Odisha," the executive adds.
Secondary steel mills have already increased rebar prices by INR 2,000/t to INR 55,000/t in the last four days, Kallanish notes.
Sharma says other factors building pressure on steelmakers include issues with the availability of coal. Also, rail wagons are not available for the supply of coal to steelmakers as most of them have been diverted for use by the power sector.
Source:Kallanish
