Steel Sector News (Domestic and Global):
I. Indian steel prices marginally declinedon Thursday due to limited inquiries through the domestic buyers in the wake of slight rise in inventories.
II. India’s finished steel export has rose by 4.32% to 49,111 MT in Nov’18 from 47,074 MT in Oct’18. However on yearly basis, the finished long steel exports has witnessed significant decline by 69.23% from 159,648 MT in Nov’17.
III. India’s sponge iron prices are likely to remain subdued due to high supply, low demand for domestic & exports and with anticipations of further fall in raw materials.
IV. Manganese ore prices have maintained downtrend in the global market since Nov’18, due to weak demand and price risk fears. Factors such as declining prices of Manganese alloys were considered as the major reason for declining ore prices, alongside weak demand.
V. Domestic pig iron prices in Central & Eastern India contracted to 10 month’s low due to improved supply, declining exports as well as significant fall in domestic steel prices earlier.
VI. European Union (EU) will continue its restrictions on the imports of steel into the region until July 2021. This decision has been made to counter possible over supply of steel products that are no longer being imported into the US. VII. Finished long steel exports from Turkey declined by 15.74% M-o-M to 0.91 MnT in Nov’18 from 1.08 MnT in Oct’18. However on yearly basis, exports increased by 4.59% in Nov’18 from 0.87 MnT in Nov’17.
