"Steel Prices Will Be Much Higher in the Coming Years"

The CEO of a major Indian steelmaker told CNBC last week that steel prices could be "much higher" compared to recent levels in the coming years.

Tata Steel CEO T.V. Narendran told "Street Signs Asia" on Friday that over the past seven or eight years, the average price of hot rolled steel in coils has been around $400, or around $450 per metric ton.

He predicted that the long-term average would be more than $600 in the coming years. He said prices on Friday were $750 in China and $850 in Southeast Asia.

"I expect it to be in this area and range - fluctuating of course, but fluctuating higher than we've seen in the past." said.

Narendran explained that the steel market has gone through several changes, including rising costs and China's evolving role in the market.

“The last 10 years have been dominated by exports from China. There is now much more stability in the world steel trade.” said.

Narendran said that at the summit, China exported more steel than India produced. "China's steel exports have since dropped to around 60 million tons per year and could drop further as the country pursues net zero carbon emissions targets." said.