Underlying steel demand is intact; don’t expect steel prices to fall: JSW Steel

CNBC-TV18 spoke to Seshagiri Rao, Jt MD & Group CFO of JSW Steel to get a sense of demand on the ground and the price picture.

Rao said, “The underlying demand is still intact. What is really happening in the last one, one and a half months is destocking in the market. Globally, steel prices got corrected. So everybody is expecting some price correction will happen in the future so they have stopped buying. So it is only a matter of time, I think the demand comes back.”

Steel prices have been fluctuating in the international markets. In October, there were some price increases but thereafter there was a correction in the global markets.