Steel prices may decline from July

May 27, 2010 - Age Correspondent |

New Delhi

Steel prices are expected to come down from next month due to sudden surge in imports.
“Steel companies are expected to cut steel prices next month as there is a sudden increase in the steel imports by some traders,” said an executive with a leading steel firm.

In April, he said, there was an import of six lakh tonnes of flat steel only. “Out of this, 40-45 per cent steel is from China,” he added. Normally, India imports around two lakh tonne of steel in a month.
Internationally, there has been a dip in steel prices. The Chinese government’s effort to bring down growth in the housing sector and the threat of a double recession in parts of Europe are the factors which have brought down steel demand. The international spot prices of the iron ore has also dipped by upto 20 per cent. But due to strong growth in the infrastructure, the steel demand is still good in India.

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