Steel Prices Fall Nearly 20% From Their Recent Peak | ET Now | Latest News | Business News
36Peak spot prices of Rs76000-77000/ton have fallen to Rs62000-63000/ton in the spot market. A decline of nearly Rs12000-15000/ton is what we have seen. The government of India recently imposed an export duty on all major steel products at the rate of 15% resulting in the decline in steel prices. De-stocking by customers and seasonally weak demand are also some of the other reasons why steel prices have dramatically declined in the recent past. JP Morgan Outlook believes further declines from here look unlikely in the near term. They say a further fall in regional HRC prices would require an iron ore price collapse. This in turn would require a collapse in China’s steel production which looks unlikely. They do not expect China’s steel exports to continue at May levels in the second half.
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