Flat steelmakers pause price hike in Oct over rate decline in China

NMDC has revised prices downwards by Rs 100 to Rs 2,300 for lump ore

After consecutive price hikes since July, domestic flat steel producers have paused to roll over prices for October, on the back of softening of prices in China, coupled with a decline in iron ore prices.

In the last fortnight, hot-rolled coil (HRC) prices in China have eased to about $572 a tonne from $588 a tonne. But given that prices have moved up from a level of $448 a tonne in May, producers are viewing this more as a correction.

The significant growth in steel demand within China, coupled with capacity cuts, had kept steel prices at buoyant levels in