Any further decline in the prices of steel products does not seem feasible, according to the Steel Authority of India (SAIL).

“Taking a cue from the international market, the domestic steel prices, particularly for flat products, were under pressure for some time. The recent trend, both in the Chinese and other global market, is showing stability in prices. There is also an increasing trend in raw material prices, both for coal and iron ore,” SAIL said.

The company also stated there are strong indications that the domestic prices have already bottomed out for two reasons. Firstly, there is substantial destocking in the market and secondly, domestic demand is coming back on track with improvement in the liquidity position.