Industry News

Steel prices firming up on strong domestic demand, spike in raw material prices, says Kotak

Update time : 2023-09-26 16:46:39

Steel prices in India have started firming up with long/flat prices up 10 per cent/ 4 per cent in the past two months, said a report by Kotak Institutional Equities. The price strength, it added, is led by strong domestic demand and the recent spike in raw material prices. “Weaker monsoon and seasonal restocking tightened the domestic market and allowed price hikes, notwithstanding sluggish regional prices,” the report said. Seaborne iron ore and coking coal prices have spiked in the past one month due to demand recovery and supply issues. “We expect steel margins to firm up in the near term, but cost inflation would require further price hikes to sustain margins,

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