India is clear it in no way deserves to be saddled with the 10 per cent higher import duty on aluminium and 25 per cent duty on steel as it neither poses a security threat to the US nor has it remained unresponsive to the bilateral trade imbalance.
Long product (TMT Mumbai) prices were up ~1% WoW. Sponge iron prices were up ~3% WoW, while domestic scrap prices were up ~3% WoW. Pellet prices were unchanged. Domestic iron ore prices were also unchanged.
Whereas market is still suffering from sell-off pressure coming from global markets, few sectors have seen some good buying in last few days. Metal sector is one of them where a good stability is helping steel stocks to recover faster than others after recent selling pressure.
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