Steel prices may not fall further, but China key: Indian steelmakers

Steelmakers are confident about the business of Indian steelmakers

Steel prices, which have been falling for the last few months, may have bottomed out and may not fall further, major Indian steelmakers told Business Standard. The average monthly price of hot rolled coil (HRC) in Mumbai stood at Rs 55,443 per tonne for June, 2023. This was down from Rs 60,260 per tonne in March this year and much below the peak of Rs 76,025 in April, 2022, according to the data from market intelligence and price reporting firm SteelMint. HRC is a benchmark for flat steel, which is used in automobiles and white goods.

“I think prices have