Domestic steel prices inching up on rising cost, pick-up in demand

Currency depreciation of over 6% may have supported uptrend; industry players confident that prices have bottomed out

Steel prices in the domestic market have started trending up, signaling that the alloy may have bottomed out.

According to SteelMint data, the list price of hot rolled coil (HRC), a benchmark in flat steel, has been increased by major steel mills by Rs 1,000-1,500 a tonne for October sales. Prices started firming up marginally from the second half of September. But the fall since the peak levels is much sharper.

The list price of HRC from major mills was Rs 79,250-79,750 a tonne ex-Mumbai in April 2022 and stood at Rs 56,000-57,100 a tonne in September, SteelMint data showed.