Global Steel Prices May Dip To $250 Per Tonne

After ruling firm for over a year, global steel prices are likely to drop soon. As per industry experts, there could be an inventory pile-up in the next few months due to an 8.6 per cent rise in the global steel output since March. On an annualised basis, this growth in production could lead to an addition of 70 million tonnes of steel.

The average international price of hot-rolled coils is estimated at $260 per tonne. In the case of an inventory pile-up, prices could dip to $250 per tonne, said A S Firoz, chief economist in the joint plant committee of the steel ministry. However, he said with the current production level, it was unlikely that prices would drop beyond $250 per tonne.