Steel prices hit 3-yr low on imports

New Delhi: Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report. Hot rolled coils (HRC) prices have fallen to Rs 51,000 a tonne from a peak of Rs 76,000 a tonne in April 2022, markets research firm BigMint said in a report. The rate of cold rolled coils (CRC) is trading at Rs 58,200 a tonne from the peak of Rs 86,300 a tonne in April 2022. The prices exclude the 18 per cent GST on the commodity.

BigMint said: “The rates of HRC and CRC in India are trading at their three-year low graph. The surge in imports has impacted the domestic prices hitting the demand.”