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| Indian steel market pauses on March 17 - 18 Mar, 2010 | ||
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After 16 days of frenzy, which started on Holi, the upward movement in the Indian steel market paused for the first time in last 16 days. The prices movement on March 17th 2010 was subdued, especially for long products. The Indian buyers and users of steel would be relived IF this trend continues for next few days. But the frenzied buying of steel both by users and traders, in order to secure there requirements at lower prices and attempt to make huge profits respectively, may continue to fuel the market. Indications of huge price hike in April by Indian steel majors would also continue to prop up the sentiments. As per unconfirmed reports, most of the flat product producers have undertaken mid month price increase of INR 500 per tonne to INR 1000 per tonne and are likely to go for major increase on April opening, citing cost pressures. Since the beginning of March, when Indian steel majors announced their pricing for the month of March, the market prices have surged by more than 10%.During this period Indian Long Product Price Index ILPPI went up by 768 points or 11% to 7537 whereas Indian Flat Product Price Index IFPPI surged by 661 points or 9% to 8234. The overall Indian Steel Price Index INDSPI went up by 717 points or 10% to 7869. This recent surge in market prices have brought up the price levels closer to the PEAK of July-September 2008 with gap narrowing to just about 20% To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service. For registration click or copy the link and paste it to your internet explorer address bar http://steelprices-india.com/spi_services/terms_of_use_for_registration.html (Sourced from www.steelprices-india.com) | ||
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