Daily Excelsior
NEW DELHI, Oct 24:
Domestic steel prices have slumped to a five-year low, trading in the range of Rs 47,000-48,000 per tonne impacted by multiple factors, including surging imports, as per market data from BigMint.
Hot rolled coil (HRC) prices are hovering around Rs 47,150 per tonne, while re-bar (TMT) is quoted in the range of Rs 46,500-47,000 per tonne in the wholesale market.
The last time prices were at such levels was in 2020, when HRC was trading at Rs 46,000/tonne levels and rebar at Rs 45,000/tonne amid the pandemic slowdown.
The current decline is largely attributed to weak export demand, rising imports, and an oversupply in the global market.
India’s steel exports have fallen sharply, pressured by aggressive export pushes from countries like China, while imports are still ac
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