Indian steel prices to soften in the near term: Analysts

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Mumbai: Indian steel prices are expected to soften in the near term, tracking global rates that are showing signs of weakening ahead of the Lunar New Year holidays in China and due to a fall in domestic iron ore prices, analysts and industry executives said.

Domestic hot-rolled coil (HRC) prices rose about 54% during July-December 2020, on the back of a strong recovery in domestic demand and a sharp gain in international steel prices that increased 56%.

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