The Indian steel sector has been hit by a glut of imported Chinese commercial-grade steel that is being sold at prices that undercut that of rerolled steel produced from recycled ships.
Chinese hot-rolled coil prices for commercial-quality base grades are offered at $530 to $535 per tonne, which in turn has caused prices of rerolled material in India to plummet by around $25 per tonne, according to cash buyer GMS in its latest market report.
