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MUMBAI<http://economictimes.indiatimes.com/Markets/Commodities/Steel_futures_seen_up_on_bargain_buying/rssarticleshow/3591137.cms#>: Indian mild steel ingot futures may pull back this week on bargain buying, but a global slump in demand and fall in freight rates may wei gh, analysts said "Market remains weak but some pull-back is expected ...," said Vamsi Krishna Kona, an analyst with Karvy Comtrade Ltd. Fundamentals at the global level continue to remain weak with large steel makers cutting output and a fall in demand from commodity guzzler China. Ocean freight rates fell to their lowest level in 28 months on Thursday. The London Baltic Exchange's dry sea freight index, used by economists to predict global growth cycles, suffered one of its biggest one-day falls in its 23-year history last Thursday. Analysts said India's<http://economictimes.indiatimes.com/Markets/Commodities/Steel_futures_seen_up_on_bargain_buying/rssarticleshow/3591137.cms#>domestic demand will now have major bearing on the steel prices. Government officials have indicated a robust demand from the infrastructure development being undertaken on a large scale in the country. Steel production is expected to rise 6 per cent in the year to March 2009 and demand is seen growing around 12 per cent. India aims to raise production to 124 mn tonnes by 2012 from 58.64 mn tonnes currently. http://forums.investorline.co.in/ --~--~---------~--~----~------------~-------~--~----~ Get latest market updates & search internet right from your browser-download our toolbar here- http://investorline.ourtoolbar.com/ Visit our site at – http://investorline.co.in/ Newsroom: http://newsroom.investorline.co.in/ Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Investor Journal - http://research.investorline.co.in/ Newscatcher- http://catcher.investorline.co.in/ Interested in Financial Planning-Let us Contact you- http://spreadsheets.google.com/viewform?key=pb_z4f1_zGMg4iBBFT3-SWQ&email=true If you like the site then promote it here- https://www.freetellafriend.com/tell/?url=http://investorline.co.in/blogs/news Create your own free blog on- http://investorline.co.in/blogger Visit this group at http://groups.google.com/group/india-investor -~----------~----~----~----~------~----~------~--~---
