Steel prices may cool off after year-long rally

By: |
July 19, 2021 6:45 AM

The up-cycle witnessed in steel prices over the last one year is likely to show some respite now, largely on account of the improving supply-side situation, CARE Ratings has said, though it is unlikely that the global prices will witness any steep correction from its peak levels.

Government sources said all major domestic players including Tata Steel and Steel Authority of India (SAIL) are expected to take up the scheme, resulting in annual savings of Rs 33,000 crore by cutting imports.

The up-cycle witnessed in steel prices over the last one year is likely to show some respite now, largely on account of the improving supply-side situation, CARE Ratings has said, though it is unlikely that the global prices will witness any steep correction from its peak levels.

On the domestic front, while the second Covid wave impacted demand for steel, it is likely to bounce back post the end of the monsoon.

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