Steel Sluggish demand weighs on long steel prices in June

摘要

The steel prices continued its secular decline in most markets across India during the month of June 2012. The only market where the prices were firm during the first fortnight of June 2012 was Uttar Pradesh state, where due to higher power outages the prices could sustain for a brief period of time. The markets were characterized by 2 developments that dictated the overall price movement. One was the movement of the exchange rate of the Indian rupee versus the US dollar, in that the Indian rupee continued to depreciate throughout the month with the US dollar being quoted at Rs 55.9175 on June 1, 2012 and touching an all time low of Rs 57.2165 as on June 27, 2012 and settling to Rs 56.309 as on June 29, 2012.