Steel prices extend losses on growth concerns, revival is on cards

Steel prices have remained vulnerable this week after the hawkish stance by Western central banks at the Jackson Hole Economic Symposium trimmed growth prospects. The asset is declining like a house of cards as central banks have preferred taming inflation over declining manufacturing activities.

Delegates at the Jackson Hole highlighted the risk of soaring price pressures in the world economy. Households are facing the wrath of higher prices and also Earnings before Interest and Depreciation and Amortization (EBITDA) margins in the corporate have trimmed dramatically.