Here is the update pertaining to domestic and global steel sector.
I. Indian steel market witnessed further decline in prices due to limited demand and high supply. As per market sources, the rebar & billet prices contracted by INR 100-500/MT, while sponge iron exhibited corrections of INR 100-300/MT. The major price fall observed in Durgapur, eastern India by INR 300-500/MT.
II. Indian secondary Rebar market experienced less demand across the regions and in that led to price range reduction by around INR 500-600/MT during the current week. Particular locations of Northern region reported slight development in price range by around INR 300/MT in current week amid healthy trade discounts given by re-rollers & this led to prevent stock.
III. Indian iron ore export in CY18 recorded at 10.52 MnT. Exports witnessed 47% drop against 19.91 MnT in CY17. On monthly basis, exports have dropped 7% to 0.77 MnT in Dec’18 against 0.83 MnT in Nov’18. However, exports have decreased significantly by 48% on yearly basis in Dec’18 against 1.50 MnT in Dec’17.
IV. Brazil iron ore export came down to 33.20 MnT in Dec’18 from 33.97 MnT of export in Nov’18. On yearly basis, Iron ore export by Brazil stood stable compared to Dec’17
exports.
