Global Hr Steel Prices Dip

Steel prices in the US and global markets have declined over the last few days even as local firms have increased rates marginally in August.

According to sources, the prices of hot-rolled coils (HR) have come down by about $5 to $10 a tonne recently. Though the drop may not immediately impact prices in India, it will adversely affect exports, an analyst said. At present, global prices of HR coils are estimated around $350-360 a tonne.

According to analysts, there is a natural tendency for prices to crash around October-November since activity is minimum during these months. Markets generally stagnate around this time, analysts said.

Speculations suggest that prices will pick up again in early 2003.