Indian steel major, Tata Steel has said that it expects the steel prices in the country to largely remain stable in the current financial year.

Managing director H M Nerurkar said that he expects the steel prices to remain stable and not fluctuate during the current financial year. He did not announce the reason for expecting the prices to remain stable this year even as he expects a 6-8 per cent growth in demand during the year. Currently, the average price of hot rolled coil is between Rs. 36,000 and Rs. 38,00 per tonne.

Bank of India Merrill Lynch has said in a report that steel prices in India would remain under pressure after the first quarter of the year till March 2013. "We expect domestic steel prices and margins to be under pressure post March quarter as demand seasonally slows post the fourth quarter," the report said.

India's steel consumption increased 3.3 per cent to 73.3 million tonnes during the financial year 2012-13, according to a report by the Joint Plant Committee. The World Steel Association expects India's steel demand to grow 5.9 per cent in 2013 to 75.8 million tonnes this year.