Come November and the enthusiasm generated last month has vanished in thin air for the Indian steel mills. With most of the mills opting for roll over in grace saving tactic before the low priced material arrive in couple of week.

International markets delving in throes of recession Indian mills have opted for roll over as a last ditch ploy to sap the briskly slipping prices before the imports arrive.

It is learnt that about 300,000 tonnes of HRC has been booked over the last couple of months in the range of USD 650-670 per tonne, CNF, Mumbai. Till the time this booking touches Indian shores domestic mills quench their greed before the inevitable reduction in December.

A pumped up USD certainly gives shade of parity advantage presently for them to take shelter for the moment.

It is learnt that in South, dealers have resorted to a discount of INR 700 per tonne to IR 1000 per tonne to liquidate the stocks.

Scenario is particularly precarious in the backdrop of curtailed production by JSW.

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