Steel prices at four-year high; trend to continue in H2: report

Domestic steel prices have touched a four-year high due to costlier raw materials, especially coking coal, coupled with rise in post monsoon demand, according to market research firm BigMint.

The trend is expected to continue over the remaining quarters of the ongoing fiscal year, it said in a report.

Hot rolled coil (HRC) and CRC — two of the most common types of flat steel products used globally — are trading at ₹64,000 per tonne and ₹75,000 a tonne, respectively. Such levels were last seen in June 2022, BigMint data showed.

From August 1, prices of HRC and CRC have increased by ₹6,000 per tonne and ₹8,500 a tonne, respectively. HRC and CRC were at ₹58,000/ tonne and ₹66,500/tonne at the start of August.

The spike in prices is mainly due to rise in key raw materials coupled with an increase in demand, a BigMint analyst said.