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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (17025)	11/28/2004 11:42:55 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Steel companies take a cue from China, to hike prices Source: IRIS NEWS DIGEST (29 November 2004) Indian steel manufacturers are planning a price hike of around Rs 1,000 per tonne across all product segments citing price hikes in China as the reason, reports Economic Times. Chinese steel manufacturers have raised prices by $30-40 per tonne across all major product segments. Industry officials have pointed at rising input costs, increase in gas prices and a recent 15% increase in freight rates as some of the reasons. However, the current price hike in China is expected to give Indian manufacturers the best excuse to hike prices. Prices of steel in China have been ruling at Rs 30,000 per tonne, which is at least Rs 3,000 more than the landed cost of steel in India. The current hike in prices by major players in China has increased the price difference between Indian and Chinese steel by over Rs 4,000 now. myiris.com