TATASTEEL looks to have completed its upward correction and ripe for fall once again if Rs.510 is not crossed this week. Once it breaks down lower target can be Rs. 450/433 soon.
POSCO to lower stainless steel prices for July
SEOUL, June 28 (Reuters) - South Korea's POSCO , the world's No.4 steelmaker, said in a statement on Monday that it would lower prices of major stainless steel products by 300,000 won ($246.9) per tonne for July to narrow the price gap with imports. From next month, POSCO's hot-rolled stainless steel products would be priced to 3.35 million won per tonne from 3.65 million won, and cold-rolled product prices at 3.62 million won from 3.92 million won, an official at the country's top steelmaker said.
Weak Gulf steel demand may lead to oversupply-trade
DUBAI, June 28 (Reuters) - Weak steel demand in the Gulf region might lead to oversupply in the market forcing prices to fall further in the coming weeks, steel traders said on Monday. Construction had slowed down in the Gulf over the past year as economic crisis set back many of the major projects in the region, curbing appetite for steel.
http://events.cbichina.com/con/ISOIS2010/index.html 2010 China Iron & Steel Overseas Investment Summit
