Where are the steel prices headed in the near future?
With increasing demand and industrial activity, the steel markets seem to exist confusing nowadays. However, there is a little articulate indication nigh the steel prices. This article will assist shed some more low-cal on this topic and on the next move in steel prices in the virtually hereafter.
Just later on the first lockdown, the demand for steel coils has seen a big rally, leading to a sharp increase in the price. This price increase also happened because of the big number of export orders of steel.
Major manufacturers of steel rolls and coils in the land are experiencing a shortage of orders nowadays, which will undoubtedly impact steel prices. Hot-rolled coils are currently in shortage, and manufacturing units are marker upward prices to Rs. 3500 per tonne. But due to the domestic shortage in demand for steel, the prices are set for a dip.
Where Are Steel Prices Going?
New corona variants are scaring for lockdowns and shutdowns affecting manufacturing businesses. Due to this, the global commodities markets are in red, direct affecting Indian markets. Proficient analysts predict that steel prices might undergo a pocket-size correction in the coming weeks.
Why Are Steel Prices Going For A Correction?
Indian steel manufacturers are not receiving export orders, and thus they are hesitating to reload their inventories. Due to this decrease in demand, the prices are going for a correction. Moreover, Chinese hot-rolled coils take dipped 20% in the past month, fueling the downtrend of steel prices.
Some other significant factor that corrects steel prices is the news of the introduction of a new coronavirus variant. This data is dependent on marketplace movement. The spike in demand is unlikely to bear on the correction greatly.
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