Indian steel prices won't fall as much as global rates: JSW's Seshagiri Rao

JSW Steel MD and group CFO Seshagiri Rao said Indian steel prices were at a discount to international prices during the rally and therefore the correction will not be as steep

Steel companies reduced prices in December across flat and long products on the back of a global correction. Seshagiri Rao,  JSW Steel joint managing director and group chief financial officer, tells Ishita Ayan Dutt that Indian steel prices were at a discount to international prices during the rally and the correction will not be as steep.

Edited excerpts from an interview.

Have prices peaked?

Prices are correcting globally because raw material prices, particularly iron ore, corrected from $230 a tonne to less than $100 a tonne. Even prices of coking coal imported by China –from the US, Canada and Mongolia