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Here’s why steel prices may see correction

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.