Steel Prices

A BigMint analyst said China's latest economic stimulus measures provided a short-term boost to steel prices, driven by infrastructure spending and interest rate cuts

Global steel industry is facing a major threat due to surge in steel exports, particularly from China at predatory prices

Domestic steel spread is at Rs 24,330 per tonne ( the lowest since March 2024) and the price of hot rolled coil (HRC) is at Rs 51,370 per tonne (the lowest since December 2020), said Dixit

Increased imports from China and Vietnam into India, alongside Chinese supply in overseas markets, have made Indian exports uncompetitive in many regions, putting downward pressure on domestic prices

Individually, Welspun Corp, and Steel Authority of India dropped 8.5 per cent each, NMDC 4.9 per cent, APL Apollo Tubes 3.8 per cent, and Adani Enterprises 2 per cent in the last one month

The run-up in the stock prices of metal companies, analysts said, has largely been driven by tighter supplies in the global markets, coupled with hopes of improving demand, especially in China

Flat steel prices began their ascent from August after experiencing a slump between May and July. Nevertheless, trade prices remain shy of their April marks

Steel prices in India are registering an upward trend due to "rapidly" increasing rates of key input material coking coal, industry executive Bimlendra Jha said. Coking coal and iron ore are the two main raw materials used to manufacture steel. While iron ore is available in substantial quantity in India, steel players are bound to meet 90 per cent of their coking coal requirement through imports from countries like Australia and South Africa. "Coking coal prices have increased rapidly (which are) currently trading at USD 341 per tonne CFR (cost and freight) India, from USD 230 a tonne in June-July 2023," Jha, Managing Director of Jindal Steel and Power (JSP), told PTI. The steel industry is facing an upward movement in prices because there has been a dramatic shift in coking coal prices, so the industry has no option but to pass on the cost to consumers, he said in reply to a question on increasing rates of steel in India. As per markets research firm SteelMint India, the cost of

Domestic steel prices are expected to remain stable in the coming months of the current fiscal, backed by strong demand, rising coking coal prices and production-related dynamics in China, amid a slowdown in the global economy, according to a Crisil report released on Tuesday. In its market intelligence and analytics report, Crisil expects flat steel to hover around Rs 59,000 per tonne and Rs 56,000 per tonne for long steel. It said that domestic steel demand is poised to grow in double digits for the third consecutive year, supported by pre-election spending in the current fiscal year. "Flat steel prices should remain elevated at around Rs 59,000 per tonne in fiscal year 2024, dipping only marginally by 2-4 per cent on-year amid better demand prospects and rising coking coal prices. Prices are expected to average at around Rs 60,000 per tonne in the second half of this fiscal as against Rs 58,300-58,500 per tonne in the first half," said Sachidanand Choubey, Manager (Research) at .

Stainless steel maker Jindal Stainless Ltd (JSL) has sought the government's intervention to check increasing imports of steel products from a select group of countries including China. Select few countries including China are flooding the domestic market with their products, Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said. "We urge the government to take some steps to check these imports. The government can put anti-dumping duty (ADD) and countervailing duty (CVD) on the import of the items," he said. According to official data, the Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June 2023 as compared to June 2022. India's steel imports rose 7.6 per cent to 4.84 lakh metric tonne during June 2023, over the same month last year. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's sh

Stock valuations could improve dramatically if demand rebounds and the China policy support comes through

Jindal Steel and Power Ltd reported a 69.5% fall in quarterly profit on Tuesday, hurt by lower steel prices and higher costs of raw materials like iron.

Spot steel prices have been rising both globally and at home since December; a hike of over 12% in the domestic market would have been the basis of negotiations for the upcoming contracts

The volatility in steel prices is likely to continue in the medium-term due to the impact of geopolitical situation on supply chain logistics, according to SteelMint. Last week, steel makers increased the prices of hot-rolled coil (HRC) by Rs 1,400 to Rs 60,700 per tonne from Rs 59,300 a tonne on February 22, the research firm said in a report. In the last six months, the steel prices have not been stable. The user industry has been witnessing price revisions on a weekly basis. "The volatility in the prices is likely to continue in the medium-term on account of geo-political situations across the globe impacting the supply chain," SteelMint said. This situation has led to changing supply-demand scenarios impacting prices of raw materials and logistics, it said. Iron ore fines with iron (Fe) content of 62 per cent were moved up to Rs 5,480 tonne in February, from Rs 4,400 tonne in December 2022. Similarly, imported hard-coking coal (HCC) prices increased steeply during this period

Stocks of financial services and information technology (IT) companies have accounted for most of the foreign portfolio investor (FPI) outflows during the first fortnight of this month

NMDC's formal demerger of the steel plant may be followed by an initial public offering, or the government could look for a stake sale

Labour cost increased 8-10% and reinforcement steel prices went up about 20%, says study scanning cities

The removal of export duty on steel products will help the domestic metal producers pull up their profits with now having the freedom to explore overseas markets as well, experts said. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. The relief comes on the back of domestic steel prices correcting by 15-20 per cent since these duties were imposed, Jayanta Roy, Senior Vice President & Group Head, Icra Limited, said. "We believe that the latest measure will help pull up the industry's profits from the second quarter lows as companies now get the freedom to explore overseas markets, depending on the pricing environment," the expert said. SteelMint India also termed the government's decision of withdrawing export duty on steel and raw material as a positive move for the industry. However, according to the research firm, the move may not help the industry in the short ..

Withdrawal of export duty may not increase volumes will boost sentiment, he says

In a Q&A, the Jt MD and CFO of the company says the worst is over as higher volumes, better demand and lower raw material cost play out in the coming quarters