Steel prices trade at 3-year lows on increased supplies, says report

Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report.

Hot rolled coils (HRC) prices have fallen to Rs 51,000 a tonne from a peak of Rs 76,000 a tonne in April 2022, markets research firm BigMint said in a report.

The rate of cold rolled coils (CRC) is trading at Rs 58,200 a tonne from the peak of Rs 86,300 a tonne in April 2022. The prices exclude the 18 per cent GST on the commodity.

"The rates of HRC and CRC in India are trading at their three-year low graph. The surge in imports has impacted the domestic prices hitting the demand," BigMint said.

According to the data, imports during the April-June quarter surged by 68 per cent to 1.93 million tonnes (MT) from 1.15 MT in the same period of 2023-24.

Steel imports rose by 38 per cent to 8.319 MT in 2023-24, making India a net importer of the commodity.

Steel players have raised the issue of increased imports from select countries with the government and sought measures to .