Indian steelmakers may increase September prices

Indian steelmakers may increase September prices

According to reports from Indian steel industry, the steelmakers in India are expected to increase their prices by Rupee 700 – 1'500/metric ton ($16-23) or up to 7% for September. The steel inventories in India eased recently due to the decrease in imports facing weak prices in the domestic market. Furthermore the demand gained some strength recently. Also, the increases in global prices lead Indian steelmakers to consider increasing their prices. After falling nearly 25 percent in the second quarter, the prices of certain hot rolled steel grades began recovering in July in Indian market. Meanwhile, global hot rolled steel prices also increased around $30-40/metric ton in the last two weeks to $470-475/metric ton. India's steel inventory is estimated to have eased to 800'000-900'000 metric tons from over 1 million metric tons a month ago.