India steel mills seen cutting prices on China export surge
Average drop set to be 1,500 rupees per tonne; imports up 53% in Q2
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Mumbai
SURGING Chinese exports and a glut on world markets are expected to force India's steelmakers to cut prices this quarter.
Chinese mills are maintaining production even as economic growth slows and domestic demand falters, leaving exports as the only outlet. It means that prices in India, already at their lowest levels in at least a year, could drop as much as 10 per cent, according to a survey by Bloomberg.
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