Steel Market Flooded, Prices Crash

12 Aug 2024 , 09:41 AM

Increased imports have caused domestic steel prices to fall to a three-year low, per a study. According to a report by markets research firm BigMint, the price of hot rolled coils (HRC) has dropped from a peak of ₹76,000 per tonne in April 2022 to ₹51,000 per tonne.

Cold rolled coil (CRC) prices peaked in April 2022 at ₹86,300 a tonne; now, they are trading at ₹58,200 per tonne. The 18% GST on the goods is not included in the prices.

“The graph of India’s HRC and CRC rates is currently at a three-year low. BigMint stated that the increase in imports has affected domestic prices, which has affected demand.

The data shows that imports increased by 68% to 1.93 million tonnes (MT) in the April–June quarter compared to 1.15 MT in the same period in 2023–2024.

India became a net importer of steel in 2023–2024 as imports increased by 38% to 8.319 MT.

Steel industry participants have brought up the problem of escalating imports from specific nations with the government and requested action to shield the home sector from increasing shipments.

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