Construction Industry News
Business conditions for steel producers have deteriorated due to a further decline in steel prices and rising coking coal prices. The demand environment remains muted. Prices of domestic hot rolled coils fell by Rs 700 per ton week-on-week to Rs 55,200 per ton, a report said. The average price in September has so far been 3% below the August average.
In addition, margins are under pressure from a sudden spike in the cost of coking coal after a short period of weakening. On the positive side, iron ore prices have remained constant.
Nevertheless, a significant increase in steel demand is crucial. Seasonality is expected to be strongest in the September quarter (Q2FY23), after which demand picks up again.
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