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IDBI Capital Report
Indian steel prices remained flat in the month of February as weak sentiment persisted globally (led by higher than expected inflation in the U.S. and hawkish stance of Federal Reserve).
Chinese steel prices increased by 5% on month-on-month basis. Coking coal prices increased marginally by 1% month-on-month to $310/tonne in February.
During January, global steel production increased by 3% month-on-month to 145 million tonnes and Chinese steel production increased by 2% month-on-month to 80 million tonnes. Also, Indian crude steel output increased by 3% to 11 million tonnes.
The spreads for steel companies have bottomed out in Q2 FY23 in our view.
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