Global steel prices (free-on-board, China) are set to stabilise in calendar 2023 on-year, after falling over 40 percent to $570-590 per tonne in December 2022 from the early-April peaks of $1,000 per tonne on tepid steel demand, according to CRISIL Ratings.
Following the global trend, domestic steel prices are expected to soften only a minimal 2-4 percent on-year (for flat steel) in fiscal 2024, after seeing a decline of over 30 percent last December from the historical highs of April.
Flat steel prices had climbed 25 percent in just two months at the onset of the conflict between Russia and Ukraine, but cooled off due to a drop in raw material prices, imposition of export duty by the Government of India, and rising stock levels.
