India's steel prices may not rise in coming days due to slow industrial growth

Although IDFC Securities have not given any direction as to where the prices of coking coal and iron ore are heading to but the industry feels that the prices should fall in the coming days with the help of surged supply from Australia. Both coking coal and iron ore are important raw materials used for steel making.

Presently, Coking coal is hovering at $310 per tonne and the contract prices for iron ore is around $178 a tonne in the current quarter. India Inc growth has also depreciated by almost half to 6.3% during April due to the poor show by the manufacturing and mining sectors.

Moreover, the domestic steel prices have been persistently low in the last several months.

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