The month of November bears well for the steel industry as domestic prices remained steady though demand dampened a little owing to the festival season. In effect, domestic steel prices for the benchmark HRC were ?57,000-58,000 per tonne and that of cold rolled coils (CRC) ?65,000 per tonne (for early November deliveries), sources have exclaimed. Moody's Investors Service has however, spotted the Indian steel industry at a brighter region and believes that the positive position is owing to the underlying steel demand that still remained pretty solid as domestic consumption has been seen growing at a "high single digit" rate over the next 12-15 months. Moody's has further expressed that in the forthcoming months, a major catalyst for steel demand growth would be infrastructure investments ahead of India's national elections in 2024.
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