Domestic Steel Prices Plummet to Three-Year Low Amid Surging Imports

Domestic steel prices have hit a three-year low due to rising imports. The prices of hot rolled and cold rolled coils have significantly dropped, as per a report by BigMint. Imports surged during the April-June quarter, making India a net importer of steel, prompting industry players to seek government intervention.

Domestic steel prices have dropped to a three-year low, driven by a surge in imports, according to a report by market research firm BigMint.

Hot rolled coil (HRC) prices have plummeted to Rs 51,000 per tonne, down from a peak of Rs 76,000 per tonne in April 2022. Meanwhile, the rate of cold rolled coils (CRC) is now trading at Rs 58,200 per tonne compared to Rs 86,300 per tonne in April 2022, excluding the 18 per cent GST.

The significant influx of imports has drastically hurt domestic prices. Data shows imports during the April-June quarter increased by 68 per cent to 1.93 million tonnes (MT) from 1.15 MT in the corresponding period of 2023-24. For the fiscal year 2023-24, steel imports rose by 38 per cent to 8.319 MT, leading India to become a net importer of steel. Industry players are urging the government to take measures to safeguard the domestic market from the rising import volumes.

(With inputs from agencies.)