Steel prices could trend 'much higher' compared to the last 10 years, major Indian steelmaker says

Steel prices could be "much higher" in the coming years compared with recent levels, the CEO of a major Indian steelmaker told CNBC last week.

In the last seven or eight years, the average price for hot-rolled coil steel was around $400 or $450 per metric ton, Tata Steel Chief Executive T.V. Narendran said on "Street Signs Asia" on Friday.

The long-term average over the coming years is likely to be more than $600, he predicted. Prices were $750 in China and $850 in Southeast Asia on Friday, he said.

"I expect it to be in that space and that range — fluctuating of course, but fluctuating at a higher level than we've seen in the past," he said.

Narendran explained the steel market is going through several changes, including rising costs and China's evolving role in the market.

"The last 10 years have been dominated by exports out of China. Now, there's far more stability in world steel trade," he said.