With the Chinese government's decision of speeding up infra projects a couple of weeks back, has made steel prices in Chinese market rebound sharply.
Sources tell SteelMint that commercial grade HR coil of 2.5 mm from China has gone up to $ 535-540/t CFR Indian west-coast (up by $5-10/t from last week).
“Offers have gone up from China, though the change will be moderate with the strong Indian Rupee. It will not impact the market in a greater sense. Overall demand in India is weak.Domestic offers stand at around $640-660/t (ex-works, duty and taxes extra). Standard norms by steel ministry has little impact in the market and we do not see imports getting restricted due to it.” said an importer based in Mumbai.
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