Steel Prices Plummet: A Five-Year Low Amidst Surging Imports and Industry Challenges

Domestic steel prices have hit a five-year low, trading between Rs 47,000-48,000 per tonne. The price drop is influenced by surging imports and weak export demand. The Ministry of Steel will hold talks with stakeholders to address these issues. Meanwhile, input costs remain stable, further squeezing mill margins.

Domestic steel prices have fallen to a five-year low, trading between Rs 47,000-48,000 per tonne, according to market data from BigMint. This decline is primarily due to surging imports and diminished export demand.

Hot rolled coil (HRC) prices are near Rs 47,150 per tonne, while re-bar (TMT) prices range from Rs 46,500-47,000 per tonne. The Ministry of Steel has scheduled a meeting on October 27 to discuss import-related challenges with industry stakeholders.

The Reserve Bank of India highlights the rise in steel imports, led by lower import prices. Despite government measures, imports from countries like Korea, Russia, and Indonesia have increased. Meanwhile, raw material costs remain stable, potentially pressuring mill margins further.

(With inputs from agencies.)