Falling steel prices and over production in Chinese domestic market has made steel makers to cut their offers to Asian and European countries.
Industry sources report that Chinese HRC being offered at around $540/t CFR Indian west coast, down by almost $30/t in last 2 months.
Indian steel ministry reported that steel import to India noticed a sharp jump in Apr-Jul on cheap offers from Chinese sellers.Indian flat prices are under tremendous pressure which is being offered at around $630-650/t (Ex-Works).
“Slow demand and cheap imports might prompt Indian steel makers to cut their offers.”said a steel trader based in Ludhiana (Punjab).
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