After a prolonged downward correction, Indian domestic steel prices are expected to rise in July due to rising input costs, Indian steel producer Jindal Steel and Power Limited’s managing director V. R. Sharma said in a statement on Thursday, June 30.
Mr. Sharma said that, while the coal price is around INR 17,000/mt ($216/mt), the iron ore price of Odisha Mining Corporation (OMC), the main supplier in the eastern state of Odisha, is being maintained at higher levels.
“Prices of steel have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1, by primary players mainly on account of higher input costs,” he said.