For the second month in a row this fiscal year, India was a net importer of steel in November, with imports totaling 600,000 tones. This trend is symptomatic of a global slowdown in the metal cycle and ongoing pressure on the price of domestic products. According to a report from the Steel Ministry that was…
The government’s announcement to remove the export duty late on Friday was applauded by the steel sector. The tax, which had been introduced in May, was eliminated as of Saturday. According to a notification from the Finance Ministry, iron ore lumps and fines with “less than 58 percent Fe” will not be subject to export…
In October, for the second time this fiscal year, India became a net importer of steel due to lower-cost options in the downstream industry, such as cold-rolled and coated goods, while exports significantly decreased in volume. According to information accessible with the Steel Ministry, steel imports totaled 5,93,000 tonnes in October, compared to exports of…
Even though demand remained on the lower side due to the festival season, steel mills managed to maintain stable domestic prices in November. Mills are still having a difficult time in the export market due to a decrease in orders in important markets, even at $570 per tonne. Because of pressures from the global crisis…
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…
A weakened Asian order book and competitively priced Chinese offerings saw Indian steel exports take a hit in May, down by 42% over the same period last year. Finished steel exports in May were around 6,82,000 tonnes, flattish on a month-on-month basis. In April and May, exports declined 35% (y-o-y) to 13,58,000 tonnes. Steel exports…
Reinforced steel bar prices, also called rebars, have raised up ₹2,000 per tonne since last week on the back of active buying and improved spot demand. However, trade sources said, there has been some slowdown from Wednesday onwards with limited buying in select markets but prices have been stable at around ₹53,000–55,000 per tonne. Price…
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…
