A sudden drop in the price of raw materials on the global market has caused domestic steel product prices to fall below the Rs250,000 per ton threshold.
According to JS Research, domestic steel producers– International Steels Limited (ISL) and Aisha Steel Mills Limited (ASL) on Thursday announced significant price reductions for Cold Rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC) of Rs. 12,000 per ton. The new price for 1 mm CRC is Rs. 230,550 per ton, and the price for HDGC is Rs. 237,900 per ton, both of which take effect on August 17, 2022.
Due to sharp increases in the costs of completing projects, particularly steel prices, the construction industry has recently been having trouble pricing its housing units.
Steel prices are likely down today due to a combination of slower domestic demand and falling scrap prices. According to more research, today’s sharp drop in domestic steel prices was made possible by the rupee’s appreciation over the previous 10 days.
Due to an increase in the global market that was fuelled by a recovery in global economic activity following the lifting of lockdowns, steel prices first started to rise in December 2020. The coronavirus pandemic resulted in high freight costs for imported containers which have been a problem for steel companies over the past two years.
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