It is learned that the current hot rolled coil price from local steelmakers is around 6%~9% lower than imported Chinese steel, which is contrary to the historical trend of a premium over international prices. According to vice president of NCDEX, India's second biggest commodity exchange, India have already imported close to 5-6 million tons of hot rolled coils since the beginning of the current fiscal year, almost 30% of it are from Japan and Korea. The cheaper steel imports, particularly from these two countries, have made it difficult for local steelmakers to increase prices. In fact, most of the steel companies which did effect price hikes this quarter have either already rolled back or are considering rolling back the hikes.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63712&division=A2
