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    Here’s why steel prices may see correction

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    Here’s why steel prices may see correction

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    On Thursday, July 1 evening, Edelweiss' note said that India’s export HRC prices have seen a correction of USD 70 per tonne.

    CNBC-TV18 highlighted the possibility that steel prices could see a correction.
    On Thursday, July 1 evening, Edelweiss' note said that India’s export HRC prices have seen a correction of USD 70 per tonne.
    A whole host of factors are playing out and one is the fact that Russia will be imposing export duty tax from August. So, in the run-up to then, a lot of supply will be seen coming out of Russia and also Chinese hot-rolled coil (HRC) prices have already seen a correction as well.
    So, some kind of catch up is what India’s steel prices could do on the downside.
    Watch the accompanying video of CNBC-TV18’s Nigel Dsouza for more details.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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