Excess supply, weak demand, liquidity crunch and high borrowing cost hurt steel industry
Billet prices in India dropped by US$12/MT for the week-ended 10 Feb, taking it to a three year low, according to a Wirana Shipping Corp report.
Global news of India’s growth story is so contradictory to the present local steel market and perhaps some improvement could be expected with a new budget announcement after elections in April/May 2024, said the report.
With an overall situation in the local market of excess supply, weak demand, liquidity crunch and a high borrowing cost, it would be challenging to expect any immediate improvements in demand conditions as well as pricing, said the report.
The finished product market is weak, added the report. Fiinews.com
