CALL RATES CLOSE HIGHER AT 8.75-8.80 PER CENT

Article Abstract:

Call rates at the inter-bank call money market closed higher at 8.75-8.80 per cent on December 15, 1998. The call rates opened at around 8.8 percent. The firming up in the money markets is due to funds outflow from banking system following advance tax payments by the corporates for the third quarter of 1998-99. Due to the improvement in the call rates, the three-day eight per cent fixed rate repo conducted by the Reserve Bank of India (RBI) raised Rs53 crore through two applications. The Reuters Mumbai Interbank Overnight Average Rate was at 8.72 percent. (uh)

Domestic Financial Transactions

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BLOWING HOT, BLOWING COLD

Article Abstract:

Cold rollers, who use hot rolled (HR) steel as their main raw material, are complaining that the minimum import price of $302 per tonne fixed for flat steel, tinplate and alloy steels is irrational and leading to monopolistic profits for HR coil makers. They claim that HR coil makers are getting a protection of $100 to $120 per tonne against competition from imported HR coils which are available at $190-220 per tonne in the international markets. Cold rollers say that a floor price of about $245 per tonne is more justifiable. (khr)

Comment:

Cold rollers, who use hot rolled (HR) steel as their main raw material, are complaining that the minimum import price of $302 per tonne fixed for flat steel, tinplate and alloy steels is irrational and leading to monopolistic profits for HR coil makers.

Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Public affairs

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FEELING THE PULSE

Article Abstract:

The prices of pulses are expected to increase in the next two months due to the festival season. Traders say that the prices of toor, masoor, urad and gram will increase. Toor prices currently stand at Rs20,000 per tonne against Rs22,000 per tonne in July 1998. Masoor prices have increased to Rs21,000 per tonne from Rs18,000 per tonne in July 1998. Urad prices are currently quoted at Rs12,210-12,410 per tonne while gram prices are quoted at Rs13,000-13,250 per tonne. (khr)

Comment:

India: Prices of pulses are expected to increase in the next two months due to the festival season

Dry Pea and Bean Farming, Pulses, Legumes, Article

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