IRON and STEEL
As per latest data released by Chinese customs, nation’s finished steel exports in Apr’19 stood at 6.33 MnT, unchanged as compared to previous month.
Higher steel prices amid robust demand in nation’s domestic market have kept export volumes stable in Apr’19. Meanwhile sluggish trades to Vietnam in the month of April amid competitive offers from Russian and Indian steel mills led Chinese export volumes firm in this month.
Chinese HRC export offers in Jan-Mar'19- On an average basis Chinese HRC export offers stood at USD 532/MT FoB basis in Mar’19 which was USD 506/MT in Feb’19.
Meanwhile as per Chinese government restrictions to curb excess steel capacity and to protect environment may tight supply and in turn result to surge in domestic steel prices and lower export volumes in upcoming months. Chinese steel mills in Tangshan and Handan regions will continue the production cuts in the second quarter (Apr-Jun). The average production cuts would be around 20 percent throughout April to June.
Whereas on yearly premise nation’s finished steel exports reported marginal decline of 2.3% in Apr’19 from 6.187 MnT in Apr’18
During the first four months (Jan-Apr) CY’19 nation’s finished steel exports accounted for 23.35 MnT, increased by 8.3% in comparison to 21.56 MnT in (Jan-Apr) CY’18.
One of the few remaining bulwarks propping up the US coal industry is languishing.
Steel Authority of India Ltd (SAIL) has reduced basic grade (steel grade) pig iron offers by around INR 700/MT (USD 10) from its Bhilai Steel Plant (BSP) based in Central India, SteelMint learned from market sources.
Indian iron ore export volumes for July’19 stood at 2.13 MnT, up 19% as against 1.79 MnT in June’19. On yearly basis, exports increased significantly compared to July’18 at 0.17 MnT.
JSW Steel, India's largest private steel producer has released its monthly crude steel output results today for Jul'19. The company reported decline in its production numbers over dull demand and low buying prevailing in domestic market.
Indian rebar prices of medium and small scale mills hit nearly 2 years low amid constant downfall over dull demand amid heavy monsoon season which has put construction activities on hold. As per SteelMint's assessment the prices slumped by INR 500-1,500/MT (USD 7-21) W-o-W.
After observing deals in past few weeks, this week left the Iranian billet market sentiments softened. SteelMint’s current Iran’s billet export assessment stands at USD 385-390/MT, FoB, down by USD 5/MT against last week’s assessment of USD 390-395/MT, FoB.