Indian steel importers concern on continuously depreciated rupee
Recently, some Indian importers of hot rolled coil (HRC) have held orders on hand due to depreciated rupee against the US dollar.
It’s known that the contract prices of HRC were at US$640~US$700/ton in the end of October.
However, since rupee has depreciated by almost 15% against the US dollar from the end of October until now, some Indian traders have faced losses in the orders contracted previously.
Meanwhile, Indian steel mills have sought to remain the HRC prices unchanged for December.
News Date 01 Dec 2011 14:47:22 reported by Echo Huo