Steel firms lower prices as demand stagnates

In 2015-16, the consumption of Indian steel stood at 81.5 million tonnes, which was up by 4.8%

Steel companies have lowered prices for the first time since the government introduced trade measures like the minimum import price (MIP) on the back of lower demand.

Steel producers said selling prices were lower than list prices by Rs 2,000-3,000 a tonne. 

“List prices haven’t come down, but transactions are taking place at lower prices,” a producer said.

The last increases over December and January were Rs 3,000 a tonne each month. 

“The problem is with domestic demand, which is not growing to the extent it should. Auto demand alone cannot drive domestic demand,” another producer said. According to the