June 22, 2021
Surging steel prices not to affect domestic demand says Tata Steel CEO

Surging steel prices not to affect domestic demand says Tata Steel CEO

Share This :

The rising prices of steel — which is widely used in sectors like construction, auto, consumer goods, etc — will not affect the demand in the domestic market, CEO and Managing Director T V Narendran has said.

He also said that the current prices of steel in India are higher if compared with rates prevailed a few months back but the same are lower in comparison to the rates in the international

“Yes, prices are higher compared to what they were in the past but lower compared to anywhere in the world. I don’t think it should affect demand,” he told PTI.

Narendran made the statement while replying to a question whether surging prices of steel will affect the immediate demand for steel by the Indian consumers.

The CEO further said if one takes a look at the prices of hot rolled coil in the US, it is at USD 1,500/ tonne, in Europe it’s close to 1,000 euros per tonne. “So, I think the steel users in India have the best available prices in the world.”

The exporters of steel-intensive products are in a good position as the prices in India give them a chance to be competitive in the global market, he said.

In India, steel is trading at an all-time high. In May 2021, the steel makers raised prices of Hot Rolled Coil (HRC) by Rs 4,000 to Rs 67,000 per tonne and Cold Rolled Coil (CRC) by Rs 4,500 to Rs 80,000 per tonne.

HRC and CRC are flat steel used in steel-consuming industries such as auto, appliances and construction.

The prices of vehicles, consumer goods, and construction cost are bound to be impacted by the rise in as steel is a raw material for these sectors, an expert said.

Meanwhile, last week on Wednesday, country’s largest iron ore miner NMDC also hiked the prices of lump ore by Rs 700 to Rs 7,650 a tonne per tonne, and fines by Rs 1,500 to Rs 6,560 per tonne.

Iron ore is a key raw material used in steel making. Any change in its prices has a direct impact on the rates of steel.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

, Surging steel prices not to affect domestic demand says Tata Steel CEO, Indian & World Live Breaking News Coverage And Updates Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Share This :