Rising global steel prices may tone down a bit as supply eases:CARE Ratings

Led by China and India, world steel production grew 15% YoY during the first five months of CY21

With global steel supplies improving, the uptrend in the alloy's prices over the past one year is likely to temper down hereon.

Led by China and India, albeit at a lower base-effect, global steel production grew 15 per cent year-on-year during the first five months of CY21, said CARE Ratings in its report on Tuesday.

However, the rating agency does not see a sharp correction in global prices from its peak levels.

As demand continues to remain robust for steel, normalcy in economic activity following relaxation of lockdown curbs has resulted in higher finished steel output across all major steel-producing economies, the CARE