Crisil Foresees Strong Traction to Indian Steel Sector

Indian ratings agency, Crisil, expects the steel industry in India to gain healthy traction from global supply changes.

According to the latest steel market study report by the agency, ex-China steel prices have posted significant decline by approximately 40% from the peak recorded in April last year of $1,000 per mt on FOB basis, to stable levels of around $570-$590 per mt towards the end of the year. The prices witnessed significant decline in the last month of 2022. Based on the current market trend, the prices are likely to witness marginal decline in the range of 2-4% in 2023-’24, the report said.