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Saturday, May 16, 2009

We won't cut prices, say steel makers

Raw material prices are above 2007 levels whereas finished product prices have fallen, they argue.

Domestic producers of hot rolled (HR) steel, the intermediate that is used by automobile and consumer durables manufacturers, have emphatically ruled out the possibility of dropping prices ahead of the imposition of a safeguard duty on imports.

Last week, Commerce Secretary Gopal Pillai had said HR producers needed to cut prices before the government would consider their demand for a safeguard duty against cheaper imports.

The producers, however, said there was no scope to cut because raw material costs hadn't fallen as sharply as prices of the finished product.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Saturday, Jul 19
01:00 CFTC Gold NC Net Positions 1 $213.1K $203.0K
01:00 CFTC Oil NC Net Positions 1 162.4K 209.4K
01:00 CFTC S&P 500 NC Net Positions 1 $-167.8K $-140.0K
01:00 CFTC GBP NC Net Positions 1 £29.2K £33.2K
01:00 CFTC AUD NC Net Positions 1 $-74.9K $-74.3K
Monday, Jul 21
04:15 Consumer Price Index (QoQ) 3 0.6% 0.9%
04:15 Consumer Price Index (YoY) 3 2.8% 2.5%
04:31 Rightmove House Price Index (MoM) 1 -0.3%
04:31 Rightmove House Price Index (YoY) 1 0.8%
18:00 Raw Material Price Index 1 -0.2% -0.4%
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