The rising prices of steel — which is widely used in sectors like construction, auto, consumer goods, etc — will not affect the demand in the domestic market, Tata Steel CEO and Managing Director T V Narendran has said.

He also said that the current prices of steel in India are higher if compared with rates prevailed a few months back but the same are lower in comparison to the rates in the international markets.

Narendran made the statement while replying to a question whether surging prices of steel will affect the immediate demand for steel by the Indian consumers.

The CEO further said if one takes a look at the prices of hot rolled coil in the US, it is at USD 1,500/ tonne, in Europe it’s close to 1,000 eu

ros per tonne. “So, I think the steel users in India have the best available prices in the world.”

The exporters of steel-intensive products are in a good position as the prices in India give them a chance to be competitive in the global market, he said.

In India, steel is trading at an all-time high. In May 2021, the steel makers raised prices of Hot Rolled Coil (HRC) by Rs 4,000 to Rs 67,000 per tonne and Cold Rolled Coil (CRC) by Rs 4,500 to Rs 80,000 per tonne.

HRC and CRC are flat steel used in steel-consuming industries such as auto, appliances and construction.

100 Rs =$1.37