According to report of the Centre for Monitoring Indian Economy (CMIE), India’s steel prices are expected to increase by 7.2% this year.

Also, the country’s steel prices would start to rise from October, despite of weak international market.

CMIE indicates that the steel demand normally to grow when the rainfall season terminates and the construction activity starts.

In addition, the strong demand from the end users, firm iron ore prices in domestic market and a weaker rupee may help to boost a rise in the domestic steel prices.

However, CMIE sees that the steel prices may be under the pressure during July through September due to rainfall season in the period.