Indian steel mills feigns ignorance in the face of misery

New Delhi : The global steel market has been sulking for the past six months. The genesis of this avalanche can be drawn from the first signs of debt crisis in Greece in Q3 2010. A rather delayed response of the EU countries to stem the rot proved to be its own undoing as the stench spread to neighboring countries in the Mediterranean circle (Italy, Spain and Portugal). This left an indelible mark on the fledgling European revival which had recently acquired a modicum of stability. The ensuing diffidence in the market led to cascading effect on other trading partners viz., USA, Turkey, CIS, China and India. The slump in buying led collapse on the browses and decline in oil prices.