Global Steel Prices Likely To Decline By Year-End

Steel prices in the international market are likely to drop by the year-end, primarily due to over capacity in the global markets and an unrealistic hike in prices. In fact, prices may increase initially before witnessing a drop, analysts tracking the sector said.

A Mumbai-based analyst said the average price of hot rolled products, which is currently estimated at $290 per tonne, may increase to $300 per tonne in another few months before dropping to about $260 per tonne.