Upward trend of steel prices in India

Upward trend of steel prices in India

As a result of the global supply shortage and the strong demand for raw materials, steel prices in the local market of India have entered into an upward trend. Steel authorities express that together with scrap, the demand for direct reduced iron has also increased in the country. According to the latest information, with the latest price rises in the amount of 8%, the unit price of the semi-finished products have reached Rupees 17'200/mt levels (approx. $375-380/mt). It is also reported that the price of direct reduced iron has also gone up by Rupees 1'000/mt, taking the price level to Rupees 9'400-9'600/mt (approx. $205-210/mt). Steel authorities expect the DRI prices to remain firm for the next couple of months, which will directly show its impact on the steel price as well.