11
May
12:11
Indian bank decision seen hampering stainless scrap imports
The Reserve Bank of India (RBI)’s decision to bar banks from issuing letters of undertaking (LoUs) is likely to have a negative effect on Indian imports of stainless steel scrap. This is according to Andre Reinders of Dubai-based Nicrinox.
RBI’s decision was in response to an alleged $1.7 billion in fraudulent bank transactions using LoUs involving a celebrated Indian jeweller and state-owned bank. LoUs were the preferred form of financing …
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Anonymous
Very good overview of the weekly steel market.
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