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Wednesday, February 3, 2010

mports, price hike by cos, not a concern: Steel Min

The Steel Ministry has said that neither imports, nor the price hike by steel companies was a concern as of now. It further said that it would be happy if iron ore export duty was hiked.

This comes close on the heals of the State-run Steel Authority of India’s (SAIL’s) announcement of hiking prices of flat products by Rs 500 (USD 10.8) per tonne. “The increase was in line with market conditions,” RK Singhal had said.

Other private steel majors like Essar Steel and JSW Steel have already hiked prices on flat products from February 1. Prices of long products remain unchanged though.
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GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 04
04:30 S&P Global Services PMI 2 50.6 50.5 50.5
04:30 Ai Group Manufacturing PMI 1 -23.5 -26.5
04:30 AiG Industry Index 2 -12.3 -15.0
07:00 Gross Domestic Product (YoY) 2 1.3% 1.5% 1.3%
07:00 Gross Domestic Product (QoQ) 3 0.2% 0.4% 0.6%
14:00 S&P Global Composite PMI 1 49.4 49.4
14:00 S&P Global Services PMI 1 50.2 50.2
16:30 MBA Mortgage Applications 1 -1.2%
17:45 ADP Employment Change 3 115K 62K
18:00 Labor Productivity (QoQ) 1 0.4% 0.6%
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