China the largest producer and consumer of steel is rallying the world economy by its insatiable consumption of metals specially steel. After having satisfied the domestic demand for steel , China still has surplus stocks which it exports to the detriment of the domestic steel companies of the countries to which it is exported. India in particular is being inundated with low priced imports of Chinese steel. The Indian steel companies are grappling with the problem which they feel, if left unchecked, they'll be put out of business sooner than later. The Indian firms are demanding safeguard measures from the government to protect their interests. Steel surged by jumped 9 percent to 8,00,000 tonne in August from the year-ago period, as per the data published by the steel ministry. Steel Chinese steel prices have have fallen to about 500 dollars/tonne level at the end of September from their August peak, making cheaper imports replacing Indian products a possibility.
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