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LONDON (Scrap Monster): India steel makers were able to implement  hike in prices on slight uptick in market sentiment, according to MEPS International.

Foreign offers remained uncompetitive because of the depreciation of the rupee. However, distributors contend that the latest domestic selling figures were not supported by economic fundamentals.

Stock levels are low and some replenishment will be necessary in the short term. Quotations from Chinese exporters and international transaction values are forecast to rise, exerting upward pressure on domestic numbers. Moreover, mills’ margins are expected to continue to be squeezed because of high input expenditure. These factors will, almost certainly, result in producers tabling higher steel prices in the coming months.

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged the Government to remove the 2.5 per cent import duty on iron ore lumps, fines and pellets to increase supply options for the steel industry.

 It welcomed the recent increase in export duty on iron ore from 20 to 30 per cent but said there is still a dearth in supply of raw material. This has severely affected the steel industry with most plants running well below full capacity utilisation, it said.

 The industry body said the Supreme Court had imposed a blanket ban on mining in Karnataka and prohibited exports of iron ore from the state. 

 “The steel industry continues to struggle for availability of raw material and explore the more expensive import route to source it,” said ASSOCHAM secretary general D.S. Rawat in a letter  to Finance Minister Pranab Mukherjee.