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[Ferro-Alloys.com]On May 21, India announced that it would impose high tariffs on eight kinds of steel, iron ore and pellet ore, resulting in a drop in the prices of domestic steel and steel-making raw materials (including iron ore).
After India imposed a high export tariff, the iron ore price in Orissa plummeted by nearly 20% in the auction due to the sluggish domestic steel demand in India, the decline in Indian steel prices and the increase in inventories. NMDC, India's largest mining company, cut prices by nearly 25% in more than two weeks.
It is understood that India's sales volume in June was lower than that in May. The falling steel prices in overseas markets and weak domestic market demand put pressure on market sentiment. It is reported that under the current uncertain market conditions and low plant capacity utilization, many buyers are reluctant to buy raw materials.
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- [Editor:kangmingfei]
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