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Domestic prices soften on the back of fall in Input cost

News: Domestic benchmark hot rolled coil (HRC) steel price has come down to  ₹ 67000/tonne from an all-time high level of  ₹ 69000-70000/tonne at the end of October 2021 on the back of reducing coking coal and iron ore prices.

Views:The Steel prices have  declined on the back of recent fall in input cost (iron and coking coal). Recently, in terms of iron ore, NMDC has reduced lump ore (65%, 6.40mm) prices by ₹750/tonne to ₹ 5,200/tonne & prices of fines (64% -10mm) by ₹200/tonne to ₹4,560/tonne. Furthermore recently coking coal prices have also declined from their October peak. As of mid-November coking coal prices stood at US$318/ tonne down 20% month on month (MoM).