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Global steel prices were a mixed bag in September 2024 with some markets seeing an uptick in prices and some witnessing a decline. Domestic rebar prices fell both year-on-year and month-on-month in India and the USA, while in China and the European Union prices saw some upward movements.
India is considered to be a major driver for domestic steel demand growth with an expected 8.2% rise in steel demand in both 2024 and 2025, while for China, the SRO predicts a zero growth in 2024, followed by a 1% contraction in 2025 compared with the previous year.
Domestic steel prices are influenced by trends in raw material prices, demand – supply conditions in the market, international price trends among others.
During the current fiscal (April-January, 2020-21) export of finished steel from India at 8.84 MT increased by 22.5% while import at 3.79 MT have declined by 36.7% over CPLY ii.
Prices of major raw materials for steel making – iron ore, scrap, coal – have peaked in March 2022, soon after the onset of the Russia-Ukraine war and have largely slipped thereafter, impacted by dull demand-supply conditions in most markets around the globe.
Steel Industry Report. Aug, 2024. India is the world’s second-largest producer of crude steel, with an output of 125.32 MT of crude steel and finished steel production of 121.29 MT in FY23. In FY24, the production of crude steel and finished steel stood at 143.6 MT and 138.5 MT, respectively.
30 paź 2024 · Ministry performs planning of the growth and development of Iron and Steel Industry in the country (including Re-rolling Mills, Alloy Steel and Ferro Alloy Industries, Refractories) both in the Public and Private Sectors.
