Steel prices today increased to 4,206 yuan / ton on the Shanghai Exchange. Increased urbanization is one of the reasons why companies in India are increasing their steel production capacity.
Steel prices continue to increase slightly today
Steel price today January 2022 delivery on the Shanghai Exchange increased by 13 yuan to 4,206 yuan/ton at the time of the survey at 9:50 am (Vietnam time).
| Type name | Period | 11/17 | Difference from previous transaction |
| Copper price | Delivered in December 2021 | 70.270 | -550 |
| Zinc price | Delivered in December 2021 | 22.915 | +110 |
| Nickel price | Delivered in December 2021 | 143.230 | -1.110 |
| Silver price | Delivered in December 2021 | 5.135 | -4 |
| Steel price | Delivered in January 2022 | 4.206 | +13 |
List of futures trading prices of some metals on the Shanghai Exchange (Unit: yuan/ton). Summary: Thao Vy
Increased urbanization is one of the reasons why companies in India are increasing their steel production capacity, according to PTI.
Iron ore chart at Shanghai exchange (Source: Shfe)
Mr. Ram Chandra Prasad Singh, Union Steel Minister said, domestic steel consumption is expected to touch 160 million tons in the financial year 2024-2025.
He said this while chairing a meeting of the Members of Parliament’s Consultative Committee with the Ministry of Steel, held in Narmada district in the state of Gujarat.
For the financial period 2020-2021, India’s total finished steel consumption is 96.2 million tonnes. This is expected to reach around 160 million tons in the financial year 2024-2025 and around 250 million tons in 2030-2031.
The minister also said: “The government is continuing efforts to improve steel production capacity and increase demand and use of steel”.
Photo: London Metal Exchange
The government’s recently announced Gati Shakti Master Plan will complement a plan to invest 100 lakh rupees crore in infrastructure development over the next five years, helping to further boost steel use in the country.
He added that steel has been playing an important role in India’s industrial development. Steel commodities are important inputs for important sectors such as infrastructure, construction, engineering and packaging, automotive and defence.
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