Import influx, post-festival slack in demand prompt steel price correction

An influx of imports and post-festival slack in demand in the trade segment have prompted Indian steel mills to correct prices even as global rates move up.

According to market sources, steel companies have corrected the list price by 2-3 per cent for December to align with the levels at which the market was operating.

A major producer said this was a correction so that the trade can compete with the imports that have come in so far.

The steel industry has been flagging concerns over rising imports, particularly lower-priced material from China, for some months.

The industry has also