The worst is over for steel prices in India and domestic prices have already moved up by Rs 3,000 per ton in the last month following the imposition of the minimum import price (MIP), T V Narendran, Managing Director, India & South East Asia, Tata Steel, said on March 17.
“The MIP has come as a relief for the steel industry. Domestic prices have already moved up by Rs 3,000 per ton but are still below the MIP. The worst is over for the industry,” Narendran said on the sidelines of the Annual Regional Meeting & Conference on “Building East, Driving Development” organised by CII in Kolkata on Thursday.
Domestic prices have moved in line with the international prices, which have moved up by 15% in recent times, he said.
Domestic demand is expected to rise 5-7% in 2016-17 and it will impact steel prices positively, Narendran added.
India’s steel consumption in 2014-15 rose 3.1% to 76.36 million tons and the growth had been around 4.2% to 65.91 million tons in the April-January period of 2015-16.