CY23 YTD volume has reached a six-year high of 7.0mn tonnes. India has been a net steel importer for the third consecutive month in November. Thus, higher imports remain cause for concern for domestic steel prices, the report said.
Coking coal, a key raw material in steelmaking, is in short supply and Russian coking coal is cheaper compared with the ones from Australia, Prakash told reporters on the sidelines of an industry conference. Australia accounts for more than half of India s coking coal imports of around 70 million metric tons a year.
Analysts expect domestic steel prices to remain at Rs 59,000 per tonne, for flat steel, and Rs 56,000 per tonne for long steel despite a slowing global economy. Only recently India imposed anti-dumping duty on flat-based steel wheels from China following a spurt in imports. More factors could prevent the slide of prices in India.
Read more about Room for domestic steel price hike paves way for Rs 76,500 cr investments on Business Standard. Indian steel still quotes at a 20-25% markdown in global prices