Steel prices are unlikely to change drastically in the first quarter unless key raw material prices come down, Hemant Nerurkar, Managing Director, Tata Steel told CNBC-TV18 today.
Steel demand has remained weak following a slowdown in automobile and construction sector. Steel supply has also been affected due to scarcity of key raw material iron ore post mining ban in Karnataka, generating pricing pressure for steel makers.
According to a recent report by Nomura Research Indian steel prices are currently trading at a discount of 4-5 percent to import parity, down from the highs of 8-10 percent last month. Global steel prices have also come down by 5-6 percent in last month, but Indian steel prices have remained largely flat. Nomura does not expect any major improvement in steel prices in near term.
Nerurkar said that the steel sector is likely to do well only if demand from automobile and infrastructure sector improves. Investment needs to come in at the ground level in infrastructure projects for things to improve, he added.
He lauded Finance Minister P Chidambaram's recent efforts in improving investor environment. He hopes that recent road shows and other actions will improve economic activity.
Tata Steel today announced merger of two of its wholly owned subsidiaries Tata Metaliks, and Kubota Pipes with self. The merger envisages to align synergies of the three companies in to a single value chain, Tata Steel said in a notice to BSE today.
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