Domestic steel prices fall on slow growth, cheap imports: Govt

The prices of steel items in the country have witnessed a fall in the recent months on account of slow growth in the domestic demand and cheap imports, Parliament was informed today.

“The prices of steel items in the domestic market have decreased in the recent period due to various reasons like slow growth in the domestic demand and cheap imports etc,” Minister of State for Steel and Mines Vishnu Deo Sai said in a written reply to the Lok Sabha.

Global agency Moody’s had earlier said that steel prices in India are expected to remain under pressure in the current fiscal, but the demand is expected to pick up with an uptick in commercial vehicle sales.

Sounding upbeat on the performance of the two major players in the domestic market —— Tata Steel and JSW Steel —— in this fiscal, it had said that the worst phase for the two is over.