Steel is a necessity in the world of today. Now with the best steel manufacturers in India, it is certainly peaking its demands. However, the price of steel is ever-changing, the rise of which adds to our woes.
The crude steel production has increased by 7% but still, it hasn’t been enough to quench the Chinese appetite for iron ore and coking coal, which is perhaps the primary reason for the price hike.
The price of steel is finally climbing up in the past couple of months. This has been truly comforting for the steel manufacturing companies India and is expected to nurse the wounds of the TMT steel bars production in India. Though the festive months weren’t as productive as they expected them to be, with the lack of market demands, the steel manufacturers are hoping to recover their losses.
With the end of November last year, there has been a marked decline in activities in the commodity segment, which was accompanied by the thought that the destocking process is completed. This conspired to drastically increase the overall prices of steel.
The global prices of steel have received its initial push with the rise of the prices of the raw materials, iron ore and coking coal, due to a stark rise in the demand of the raw materials in China. This was followed by a rise in the NMDC prices of iron ore and the CIL prices of the coking coal.
The price rise is always triggered by an increase in the market demand along with a decrease in the manufacturing sector. However, the producers of steel have a different say and seem to be quite satisfied with the just rise of the prices. Moreover, they can also sense a silver-lining somewhat soon. This blog has been sourced from —www.financialexpress.com/industry/explained-what-is-behind-rise-in-steel-prices/1836969/
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