Steel Prices in India hit its lowest in 3 years

According to statistics from commodities consultant BigMint, steel prices in India have dropped to their lowest point in more than three years as a result of increased imports and muted exports.

According to the report, in July, the average local price of hot rolled coils utilized in the industrial sector was 52,267 rupees ($622.62) per tonne.

During the fiscal year that concluded on March 31, 2024, India, the second-largest producer of crude steel globally, became a net importer. Provisional official data indicates that the trend persisted, with completed steel imports reaching a five-year high in April and May.