According to a survey by Kotak Institutional Equities, steel prices in India have started to firm up, with long/flat prices rising 10%/4% over the previous two months. The firm domestic demand and the most recent jump in the price of raw materials, it was stated, are driving the price strength. “Weaker monsoon and seasonal restocking…
Despite being a net exporter of steel, India saw a rise in imports of this important commodity for infrastructure in FY23 of over 45%. In the past three years, this rise ranks among the largest. The greatest imports during the past few years, since India became a net exporter of steel, were in FY20 at…
India’s domestic steel prices are still unstable due to weak purchasing, delayed international demand, a decline in export offers, and lower-than-expected demand in traders’ markets. This week, the benchmark hot-rolled coil (HRC) price was about 59,200 per tonne, a 2–3% decrease from the same time last month (mid-March). After mid-March, there had been some cooling…
Steel producers, led by JSW Steel and Tata Steel, have reported record production in the March quarter despite erratic domestic demand and unrest around the world. According to Tata Steel, the slowdown in its global operations was a major factor in the minor increase in its consolidated production, which increased to 7.59 million tonnes (7.55…
Due to anticipated price growth for the metal, which had been stagnant for the first nine months of the year, steel manufacturers’ margins would improve in the fourth quarter. An added benefit would be the openness of China. In Q4, an increase of 7-8% in steel demand is predicted. “Steel prices increased from $600 per…
As the demand picture worsens and the global economy experiences issues as a result of rising interest rates, analysts who follow commodities predict that metal prices will likely be under pressure for the remainder of the year. A further drag on metal prices, which have been falling over the past few weeks, is China’s efforts…
According to estimates, domestic primary steelmakers’ operating margin will decrease to 14–16% in the first half of the current fiscal year from a decadal high of around 30% for the entire previous fiscal year. According to Crisil Ratings, this decline is the result of increased input prices, reduced realizations, and the introduction of an export…
Global steel prices, including export prices of Indian mills, have seen a 13-15% downward correction, month-on-month on seasonal demand weaknesses, recessionary pressures across the world, and an economic slowdown eyeing at China. For Indian hot rolled coil the benchmark offering prices are at $ 639 per tonne, fob East Coast, down by $93. The HRC…
The central government is likely to cut or abolish the recently-imposed export taxes on key steel products soon, while also raising the impost on iron ore dispatches. The move comes amid concerns expressed by steel makers that while domestic demand has remained dulled in recent months, companies are losing out to overseas customers due to…
India’s steel exports is expected to fall by 40% to 12 million tonnes (mt) this fiscal, owing to duty related measures taken by the government last month, “Steel exports will drop 35-40% to 10-12 mt this fiscal following the 15% export duty imposed on several finished steel products last month. Exports of iron ore and…
