The domestic prices of steel products have been revised upwards a little over a week after getting cut by Rs. 10,000 per ton.
Steel rebar prices have been increased by up to Rs. 4,000 per ton (effective from 31st October 2023). Retail prices now stand in the range of Rs. 259,000-264,000 per ton, according to JS Research.
Previously on October 20th, steel rebar prices stood in the region of Rs. 250,000-258,000 per ton.
Today’s increase in steel prices could translate into severe shortages in the coming weeks.
For now, steel supply concerns are a bit shaky with trends uncertain. The upside risks to steel prices could be any unexpected disruptions in the procurement of raw materials and near-term slumps in the rupee/dollar rate.
Notably, the rupee/$ fell 5 days in a row last week and continues to trade in the 280-281 range this week after peaking at 279 on Monday, October 23.
