B Muthuraman, Managing Director of Tata Steel In an interview to CNBC TV18 that he expected the demand for steel in 2009 to be down by 15% compared to 2008. However, he said that there were signs of revival in steel demand in India. But these revival signs couldn't be seen globally yet. Commenting on the global outlook of steel demand, he said,” Steel prices have bottomed out. Last quarter of 2008 saw the largest fall.” He also stated that steel prices were not likely to fall further since they had already touched the bottom.
Currently, the prices for hot rolled (HR) steel in India are at $450-500 per tonne; the prices may come under pressure from import dumping. According to Muthuraman, there was a need for anti-dumping measures to ease pressure on the prices. On a positive note, he said that the current cash position was comfortable.
He expects the Indian steel demand to grow at 6-7% in FY10.
Currently, the prices for hot rolled (HR) steel in India are at $450-500 per tonne; the prices may come under pressure from import dumping. According to Muthuraman, there was a need for anti-dumping measures to ease pressure on the prices. On a positive note, he said that the current cash position was comfortable.
He expects the Indian steel demand to grow at 6-7% in FY10.
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