Steel prices finally cool off

According to CARE Ratings, the elevation in steel prices evident last year is now finally beginning to show signs of cooling off. This is attributed to on the improving supply-side situation.
The agency, however, cautioned that it is unlikely that the global prices will witness any steep correction from its peak levels. It also said that while the second Covid wave impacted demand for steel in the country, it is likely to bounce back post the end of the monsoon.