Steel prices see correction in May due to weak demand

According to a recent Icra report, prices of hot rolled coil corrected by around Rs 2,750 a tonne

Steel prices have been rolled over for the month on the back of a muted demand and correction in international prices, coupled with a reduction in raw material prices.

Steel producers said the market was not conducive to increasing prices.

According to a recent ICRA report, prices of hot rolled coil (HRC), the benchmark for flat steel, corrected by around Rs 2,750 a tonne in May. HRC prices after the correction is around Rs Rs 36,000 a tonne.

However, the price correction was not a cause for worry yet, because raw material prices had also been revised downwards. Iron ore prices in the