Steel prices fall 40% in six months to Rs 57,000/tonne

Steel prices fell about 40 per cent to Rs 57,000 a tonne in the domestic market over the last six months on subdued export orders in the wake of the 15 per cent export levy, according to SteelMint.

In early 2022, the prices of the hot rolled coil (HRC) started showing an upward trend.

It had become a matter of concern for the user industries as movements in steel prices have a direct impact on industries such as real estate and housing, infrastructure and construction, automobile and consumer goods.

The steel prices in the domestic market peaked at Rs78,800 per tonne in April.

After 18 per cent GST levy, the price was about Rs 93,000per tonne, the research firm said.

The prices started to fall from April-end and came down to Rs 60,200 per tonne towards the end of June, according to SteelMint data.

It continued to fall in July and August and came down to Rs 57,000 per tonne by mid-September.