Indian SAIL: No reason for market prices to fall further
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Update time : 2020-05-11 14:03:07
Indian SAIL said that in response to COVID-19 impact this week, it will reduce its capacity from 52% of last month to 40%.
Till the first week of May, the company's production has been gradually reduced from 55%-60% in mid-March, and inventory accumulation was inevitable. SAIL mentioned that it hoped to digest at least 25% of its inventory in May.
Despite this, SAIL also did not worry about current stocks, because at present most manufacturers will maintain sufficient inventory. SAIL's offer remained like that in March and no further price-cut.
If the global price rose, SAIL will follow up with its export offer, which supposed to strengthen Indian domestic prices. Once local demand picked up, SAIL definitely strived to raise domestic prices.
