Reportedly, some of Indian large-scale steel mills will get in serious trouble during the first quarter if they still have insufficient capital to cope with the current situation of high cost and weak demand.
The steel price had plunged by about 50 percent and the demand of automotive and infrastructure reduced by 40 percent. The steel mills’ profits much curtailed because the coking coal price went up to FOB US$300/ton.
It’s said that those small steel mills’ costs will decrease because their coking coal stock of high price will be consumed and have purchased cheaper one recently.Source: Yieh.com
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Sunday, February 08, 2009
12:18 |
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