Indian auto makers “are reeling as investors pull back from emerging markets around the world, exposing the frailties of an Indian economy that was already decelerating sharply even before the global market turmoil” reports the Wall Street Journal.
While sales had grown significantly between 2010 and 2012, they are now struggling, “In the 12 months ended March 31, sales were down 6.7% from the previous year—the first decline in annual sales in a decade.”
Rising 2.2 percent to close at $235.00 per metric ton, the steel billet 3-month price experienced the biggest change on the LME for Wednesday, September 18. Also on the LME, the cash price of steel billet inched up 2.1 percent to $199.00 per metric ton.
Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese slab fell 0.8 percent. Chinese HRC stayed flat.
The 3-month price of the US HRC futures contract rose by 0.8 percent to $628.00 per short ton. The US HRC futures contract spot price remained essentially flat at $642.00 per short ton.