Indian steel prices will soften by 10 to 15 per cent next year as domestic and international steel spreads narrow. Supply constraints will ease due to stronger Indian crude steel production, with more material directed towards domestic end-users.S&P Global Platts Analytics expects Indian domestic hot-rolled coil prices to average Rs 53,550-56,700/mt ($705-$745/mt) in calendar 2022. This compares with average prices of Rs 63,000/mt year-to-date in 2021, which is 58 per cent higher than Rs 39,761/mt in CY 2020. The pre-pandemic average in CY 2019 was Rs 38,567/mt.
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