The domestic benchmark hot-rolled coil (HRC) steel price has come down to around Rs 67,000 a tonne from an all-time high level of Rs 69,000-70,000 at the end of October on the back of reducing iron ore and coking coal prices. Steelmakers such as JSW Steel NSE 0.62 % and Arcelor Mittal Nippon Steel India (AM/NS), though, said the price fall since the beginning of December could be temporary as Indian steel prices are still at a discount to international prices.“Since Indian steel prices have not gone up in line with international prices, we expect a stable range-bound prices going ahead,” said Jayant Acharya, director, commercial & marketing, at JSW Steel. Iron ore prices have come down by over 60% in the international markets, while state-owned NMDC had recently cut iron ore prices by between Rs 200 and Rs 870 a tonne for December deliveries, data from steel research and analysis firm SteelMint showed. Coking coal prices, too, have come down from their October peak due to factors including China’s decision to lift restriction on coal mining amid a power crisis, restricted buying from many Asian countries and improved supply from mines across the world. But the prices still remain much higher than, say, a year ago.
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