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Commodity profile - Steel Long(Bhavnagar)
Latin Name
General characterstics
A long steel product is a rod or a bar. Typical rod products are the reinforcing rods made from sponge iron for concrete, ingots, billets, engineering products, gears, tools, etc. Wiredrawn products and seamless pipes are also part of the long products group. Bars, rods, structures, railway materials, etc. are included in this category.
1.Iron and steel are used widely in the construction of roads
2.Steel is used in a variety of other construction-related applications, such as bolts, nails, and screws.
Market moving factor
1.The demand for steel is dependent on the overall health of the economy and the infrastructure developmental activities being undertaken.
2.The steel prices in the Indian market primarily depend on the domestic demand and supply conditions, and international prices.
3. Government and different producer and consumer associations regularly monitor steel prices.The duty imposed on import of steel and its fractions also have an impact on steel prices.
4.Prices of input materials for iron and steel such as power tariff, freight rates and coal prices also contribute to the rise in the input costs for steel making.
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