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A glut in the local market due to the turn of events, plus sluggish demand from industry (a spillover from the covid-induced lockdown), sees inventories pile up with producers. These factors have depressed the prices of various forms of steel, including HRC, bringing it as low as Rs 50000.00 to 55000.00.
Exports, he adds, were predominantly to North America and Europe. Of these, Europe was expected to be lucrative in the near future before the inevitable drop in demand due to the effects of the extended Russia-Ukraine conflict.
The most-traded January rebar contract on the Shanghai Futures Exchange ended morning trade 1.7% lower at 3,725 yuan ($534.87) a tonne, snapping a three-session rally.
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Media reports quoting the sources said that the fire broke out in a Gemopai Electric Scooters showroom in the building. The owner of the showroom had been using the basement to store the EVs where a short circuit occurred due to overcharging of the EVs. The fire then spread on the upper floors of the building which had several hotel rooms.
With this, for the first time-ever all the three German luxury car companies, BMW, Mercedes-Benz and Audi, will have Indian executives holding the top position. Santosh Iyer will be the MD of Mercedes-Benz, Vikram Pawah is the CEO & President and CEO of BMW India, and Balbir Singh Dhillon is the head of Audi India.
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