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…
After two successive years of rush in earnings, steel companies are now staring at a notable decline over the next one year as the industry faces multiple headwinds emerging from trade barriers export duty on finished steel, unfamiliar coal/energy cost pressures and muted domestic demand growth so far. The operating environment will become far less…
Steel prices have decreased to ₹64,000-65,000 a tonne from ₹71,000 last month on expectation of a supply surplus on levy of 15% export duty. Prices were flying at ₹76,000 a tonne in April. Interestingly, the excess supply comes amid forecast of weak demand with onset of south-west monsoon slowing down infrastructure activities from this month….
According to the World Steel Association data, international steel production in April was decreased by 5.1% year-on-year to 162.7 million tonnes (mt). World production has been on the down swing since July last year as China, which makes up over 50% of the output among the 64 countries whose data are taken into credit, has…
As per the new order, an export duty of 15% will be imposed on hot-rolled and cold-rolled alloy and non-alloy flat steel products (of 600 mm or more width). Also, a 15% duty will be imposed on exports of hot-rolled bars and rods, other bars and rods of iron or non-alloy steel, flat-rolled products of…
The National Commodities and Derivatives Exchange (NCDEX), the country’s biggest agriculture commodity exchange, is contracting a major comeback with plans to launch futures trading in Coffee and PVC (polyvinyl chloride). This is part of its plan to launch new contracts in commodities that are not price sensitive. The exchange is also planning to initiate Liquidity…
