Indian steel mills hopeful as demand rises, China eases Covid curbs

Prices have plummeted some 29% in domestic market after peaking in April

Steel prices corrected in November and December after India removed its export duty, but manufacturers expect that the New Year will bring the market stability.

Strong domestic demand for steel and China relaxing its zero-Covid policy fuel the expectation. Seshagiri Rao, JSW Steel’s joint managing director and group chief financial officer, said that steel prices corrected globally in November and that reflected in domestic prices, but December looks better.

“The demand has come down in Europe and also in the US, majorly attributable to higher interest rates to control inflation and fall in demand. China’s zero-Covid policy also impacted demand,”