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MUMBAI (Scrap Monster): The centre for monitoring of Indian economy (CMIE), a private economic research organization, anticipates that Indian steel prices will rise by 7.2% year-on-year in the current year with prices starting to firm up from October due to improved domestic demand in spite of weakness ion international markets.

In its July report, The CMIE said that Indian demand for steel will pick up starting from October once the monsoon season is over and the pace of construction activity picks up.

Healthy demand from domestic consumer industries, firm prices of iron ore and the weak rupee will support increases in prices.

However, the increasing trend will be observed two months later, since rains during August-September will keep demand from the construction sector at lower levels.

Global prices have decreased sharply during the last two months in response to uncertainty over demand prospects in Europe and China, through the downtrend in Indian steel prices will be restricted given the weakness of the rupee, the CMIE said