Indian steel industry probably facing one of the worst crisis in recent time thanks to restriction imposed on outflow of iron ore from Karnataka and Odisha. While dried up iron ore supply, expensive coal and power cuts has forced manufacturers to shut their production, others are running their units at less than half of their capacity.
” Demand is not strong and manufacturers are unwilling to cut prices below a certain limit. We do not see any major hike in steel prices in short term.” said a steel trader based at Ghaziabad.
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