Vietnam was India's leading export destination for finished steel products for the
fiscal year ended March 31, 2020, receiving 2.34 MT or a 28% share. The volume
shipped to Vietnam more than tripled from 709,000 MT sent the previous fiscal
year. Also, Vietnam accounted for the bulk of hot-rolled coil exports or 49%,
during fiscal 2019-20. Volume-wise HRC was India's most exported steel product
for the year at 4.82 MT.
Asian rebar prices came down on Thursday as a new low Russian deal was concluded in Hong Kong. Platts assessed 16-20 mm diameter rebar at US$ 401/T FOB China actual weight, down by US$ 5/T day on day. The most actively traded October’ 2020 rebar futures contract on the Shanghai Futures Exchange closed at US$ 500/T, down by US$ 6/T, day on day. (Source – Platts)
POSCO, South Korea's biggest steelmaker, posted a double-digit fall in the firstquarter profit on the economic fallout from the COVID-19 outbreak. Revenue slipped by 9.2% to US$ 11.7 billion and net income came down by 44.2% to US$ 351.6 million. The double-digit fall in profit was ascribed to weaker global demand for steel products, caused by the COVID-19 outbreak across the globe. POSCO has lowered its production and sales forecasts for 2020 by 7%. Crude steel production is now forecast at 34.1 MT, down 7.1% and sales at 32.4 MT, down by 7.4% earlier. (Source – Metaljunction)
European steel distributors have seen a demand decline of as much as 60% due to the coronavirus pandemic, according to trade group EUROMETAL. The most impacted sectors are construction, machines building, manufacturing. Looking forward, the trade group said its members expect a step-by-step recovery to begin at the start of May and that most recent sales forecasts would be around 55- 65% of budgeted sales plans. (Source – Platts)
With lockdown extended till 3 May, the Indian steel industry may lose a large part of the peak demand season. Tata Steel Ltd. reported a 14.6% fall in March quarter (Q4) sales. Tata Steel’s sales volume in India declined by sharp 15% yearon-year to 4.03 MT as the lockdown led to logistic issues and lower demand. However, production volume grew by 6% yoy to 4.74 MT. Tata Steel India also achieved 8% y-o-y production growth for full year FY20, along with the best-ever annual sales. (Source - Press Reports)
Stocks of steel products held by Chinese traders fell by 1.15 MT to 20.13 MT as of Thursday. More than 70% of the fall was accounted for by construction use rebar and wire rod. The construction sector has picked up rapidly since late March. Daily trading volume of steel products is even slightly higher compared with this time last year due to the Government’s stimulus for infrastructure and resumption of projects. (Source – Press Reports)
Asian rebar prices came down on Thursday as a new low Russian deal was concluded in Hong Kong. Platts assessed 16-20 mm diameter rebar at US$ 401/T FOB China actual weight, down by US$ 5/T day on day. The most actively traded October’ 2020 rebar futures contract on the Shanghai Futures Exchange closed at US$ 500/T, down by US$ 6/T, day on day. (Source – Platts)
POSCO, South Korea's biggest steelmaker, posted a double-digit fall in the firstquarter profit on the economic fallout from the COVID-19 outbreak. Revenue slipped by 9.2% to US$ 11.7 billion and net income came down by 44.2% to US$ 351.6 million. The double-digit fall in profit was ascribed to weaker global demand for steel products, caused by the COVID-19 outbreak across the globe. POSCO has lowered its production and sales forecasts for 2020 by 7%. Crude steel production is now forecast at 34.1 MT, down 7.1% and sales at 32.4 MT, down by 7.4% earlier. (Source – Metaljunction)
European steel distributors have seen a demand decline of as much as 60% due to the coronavirus pandemic, according to trade group EUROMETAL. The most impacted sectors are construction, machines building, manufacturing. Looking forward, the trade group said its members expect a step-by-step recovery to begin at the start of May and that most recent sales forecasts would be around 55- 65% of budgeted sales plans. (Source – Platts)
With lockdown extended till 3 May, the Indian steel industry may lose a large part of the peak demand season. Tata Steel Ltd. reported a 14.6% fall in March quarter (Q4) sales. Tata Steel’s sales volume in India declined by sharp 15% yearon-year to 4.03 MT as the lockdown led to logistic issues and lower demand. However, production volume grew by 6% yoy to 4.74 MT. Tata Steel India also achieved 8% y-o-y production growth for full year FY20, along with the best-ever annual sales. (Source - Press Reports)
Stocks of steel products held by Chinese traders fell by 1.15 MT to 20.13 MT as of Thursday. More than 70% of the fall was accounted for by construction use rebar and wire rod. The construction sector has picked up rapidly since late March. Daily trading volume of steel products is even slightly higher compared with this time last year due to the Government’s stimulus for infrastructure and resumption of projects. (Source – Press Reports)
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