Falling offers from Chinese steel makers has always been a threat for Indian flat steel makers.Steel prices in Chinese market
have dropped sharply in last few month due to over-production & weak demand.Consequently,Steel imports to India have moved upto 53% in past few months.
“Looking at the current scenario,manufacturers might cut offers for September as imports are much cheaper than domestic prices.Current offers for Imported HR coil lie in the range of $550-560 CFR India and domestic offers lie in the range of Rs 35,500-36,500 (Ex-Works Price) i.e $630-660/MT”said an importer based in Mumbai.
Whereas,domestic steel players claim that higher prices of iron ore by NMDC does not leave much scope of correction in prices in the near term.
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