Steel Prices Fell to Rs 70,915 Per Tonne in June on Duty Cut, Says Minister Kulaste


Last Updated: July 28, 2022, 17:34 IST

The per tonne prices of cold rolled coilds continued to register an upward trend to peak at Rs 85,237 in April 2022.

The per tonne costs of chilly rolled coilds continued to register an upward pattern to peak at Rs 85,237 in April 2022.

Indian major mills scale back flat metal costs by Rs 3,000-5,000 per tonne within the first week of July whereas longs had remained kind of unchanged

Prices of Cold Rolled Coils (CRC) metal declined to Rs 70,915 a tonne in June from the height of Rs 85,237 per tonne in April, Union Minister Faggan Singh Kulaste has mentioned. Steel is likely one of the most widely-used alloy and any motion in its costs impacts the customers in sectors like infrastructure and car.

“To stabilize costs of coal and deal with the problems of metal producers, authorities has made modifications in tariffs on uncooked supplies of metal, which incorporates coking coal, vide notification dated 21.05.2022 whereby import obligation on anthracite/pulverised coal injection coal, coke and semi-coke has been diminished to zero,” the Minister of State for Steel has mentioned within the Rajya Sabha. According to Kulaste, from Rs 72,081 in 2021, the per tonne costs of CRC continued to register an upward pattern to peak at Rs 85,237 in April 2022.

However in May 2022 — when the federal government introduced obligation associated measures — the metal costs got here all the way down to Rs 79,106 per tonne and additional to Rs 70,915 a tonne in June 2022. According to metal trade consultancy SteelMint India, Indian major mills diminished flat metal costs by Rs 3,000-5,000 per tonne within the first week of July whereas longs had remained kind of unchanged. Mills diminished flats costs primarily due to the shortage of export orders within the aftermath of the 15 per cent export levy.

“It seems that prices have almost bottomed out. We can say this based on the fact that many mills have opted for production cuts in July to restore the supply-demand imbalance especially in flat steel. This will support prices,” the analysis agency mentioned whereas sharing its outlook on the value pattern.

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