New Delhi, April 27 (IANS) The government on Wednesday said steel prices in the country have fallen by 27-30 percent in the last two years, and are among the lowest internationally.
"Domestic steel prices have maintained a sharp downward trend since January 2014. Prices of TMT rebars (thermo-mechanically treated steel bars) declined by 27 percent in March 2016 as compared to prices in January 2014," steel minister Narendra Singh Tomar said in a written reply to the Rajya Sabha on Wednesday.
"Similarly, prices of hot rolled coils (a semi-finished steel product) and cold rolled coils (steel sheets used extensively in automobiles) has declined by 30 percent and 29 percent respectively from the price level of January, 2014," the minister added.
Steel prices in India are amongst the lowest internationally, it said.
"In April, 2016, rebars in Delhi were priced at $399 per million tonne while in the US, it was selling at $546 per million tonne and in Japan it was priced at $502 per million tonne," Tomar said.
"The hot rolled coils in the same month were priced at $409 per million tonne while in Korea the same were priced at $456 per million tonnes."
"The cold rolled coils in April this year were priced in India at $461 per million tonne, but were selling at $480 per million tonne in Turkey and $519 per million tonne in European Union," the minister said.
