Ferrous, Non-Ferrous Metals Check - Steel Prices Come Off On Export Duty Imposition: IDBI Capital

Ferrous, Non-Ferrous Metals Check - Steel Prices Come Off On Export Duty Imposition: IDBI Capital

<div class="paragraphs"><p>A steel factory. (Photo:Ant-Rozetsky/ Unsplash)</p></div>
A steel factory. (Photo:Ant-Rozetsky/ Unsplash)

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IDBI Capital Report

During June, Indian steel prices declined by 8% month-on-month led by imposition of export duty on steel. Even Chinese hot rolled coil steel prices fell by 12% month-on-month.

Nevertheless, average coking coal prices were lower by 28% month-on-month to $343/tonne although the prices remain well above historical levels.

Coking coal prices have increased sharply in the past one year but these prices are unsustainable in our view.

For May, global steel production increased 1.2% to 170 million tonnes while Chinese steel production increased by 4% to 97 million tonnes.

Chinese steel exports grew by 55% to 7.8 million tonnes. Meanwhile, Indian crude steel output increased by 17.3% YoY to 10.6 million tonnes. Indian steel exports fell by 6% month-on-month to 1.4 million tonnes.

Click on the attachment to read the full report:

IDBI Capital Metals & Mining Sector Update.pdf


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