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Shares of steel makers, such as SAIL, Tata Steel, JSW Steel and Bhushan Steel may remain under pressure following China’s devaluation of its currency by 2 per cent on Tuesday. A devalued yuan will make Chinese exports cheaper. Dumping of cheaper steel products by China will hurt the Indian steel industry. The devaluation will also impact India’s exports to China as a weaker yuan makes resources more expensive for Chinese buyers.
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