Indian HRC imports near standstill as rupee weakens
Dec 16, 2011 | 06:08 AM
Import bookings of hot rolled coil (HRC) into India have come to a near-standstill because of the weakening local currency and low demand in the domestic market.
Indian importers are finding it difficult to take calls on imports because domestic demand for HRC is very subdued, which has resulted in domestic prices also remaining low, a market participant said.
“Domestic hot rolled coil prices should rise if the rupee depreciates, but that is not happening,” he said.
HRC offers to India, however, seem to be rising when compared with bookings made in the first week of December, at....
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