Steel prices weaken on local, global cues, short-term blip, say companies

While huge production cuts in China have driven down prices; companies see demand improving in international market going forward

After an increase in the beginning of the month, steel prices in the trade segment have weakened on the back of a correction in international steel prices and key input materials. But companies believe it’s more a short-term blip and sentiments will pick up going forward.

According to data from SteelMint, the price of rebar (long steel) in the trade segment was Rs 62,000 a tonne on November 5 and fell to Rs 60,300 a tonne on November 19. Hot rolled coil (HRC) in flat steel was more stable; it was at Rs 71,600 a tonne on November 3 and