Spot prices of hot-rolled coil in India's domestic market dropped for the fourth
consecutive week, amid dented buy-side sentiment due to lack of positive signals
for resumption of economic activity, even as mills turned actively to export
market. Platts assessed 2.5-10 mm thick HRC delivered to Mumbai at Rupees
35,500/T, down by Rs. 250/T week on week. The assessment excludes GST of
18%. (Source – Platts)
China's steel demand coming from both domestic and export markets could drop by as much as 3.8% on the year to 842 MT in 2020, according to a recent analysis by the China Iron and Steel Association or CISA. China's indirect steel exports, averaged around 80-90 MT in recent years. But the association believed indirect and direct steel exports could drop by as much as 25% on the year in 2020. China’s exports of 14.3 MT in the first quarter of this year were down around 3 MT on the same period last year.
US hot-rolled coil prices dropped again on Wednesday, staying at the lowest point in over four years. Mills were frustrated by lower prices and the expected rise in May scrap prices, which will compress margins further. The daily Platts US HRC price dropped by US$ 4/s.T. to US$ 463.75/st. Since mid-March when many social distancing and stay-at-home orders began, US HRC prices have fallen by 21.5%. Mills face not only lower selling prices for finished steel but scrap costs for production are set to rise in May amid tight prime scrap availability. (Source – Platts)
Benchmark iron ore futures in China rose on Thursday and were on course to report a weekly gain, as hopes rose for better demand after the country reported a second straight month of expansion in manufacturing activity. The most-traded September iron ore contract on the Dalian Commodity Exchange gained 2.4% to US$ 86.24/s.T. (Source – Metal Junction)
Japanese crude steel production in the past three quarters fell back to levels not seen since 2009 as the industry grapples with downstream manufacturing and construction worksite closures brought about by the coronavirus pandemic, compounding issues faced through existing tepid domestic demand and export opportunities. Production in the first quarter totaled 24.4 MT, down by 2.4% year on year. (Source – Argus)
The price of iron-ore is set to drift lower in coming months as the coronavirus pandemic eats away at demand, moderating its outperformance against other industrial commodities this year. Spot prices of iron-ore with a 62% iron content for delivery to China stood at US$ 84/T on Wednesday and are expected to decline to US$ 75/T by the fourth quarter, according to BMO Capital. Prices could remain firm in the short term, but the impact of closed steel furnaces and improving supply is due to gradually chip away at prices. (Source - Press Reports)
China's steel demand coming from both domestic and export markets could drop by as much as 3.8% on the year to 842 MT in 2020, according to a recent analysis by the China Iron and Steel Association or CISA. China's indirect steel exports, averaged around 80-90 MT in recent years. But the association believed indirect and direct steel exports could drop by as much as 25% on the year in 2020. China’s exports of 14.3 MT in the first quarter of this year were down around 3 MT on the same period last year.
US hot-rolled coil prices dropped again on Wednesday, staying at the lowest point in over four years. Mills were frustrated by lower prices and the expected rise in May scrap prices, which will compress margins further. The daily Platts US HRC price dropped by US$ 4/s.T. to US$ 463.75/st. Since mid-March when many social distancing and stay-at-home orders began, US HRC prices have fallen by 21.5%. Mills face not only lower selling prices for finished steel but scrap costs for production are set to rise in May amid tight prime scrap availability. (Source – Platts)
Benchmark iron ore futures in China rose on Thursday and were on course to report a weekly gain, as hopes rose for better demand after the country reported a second straight month of expansion in manufacturing activity. The most-traded September iron ore contract on the Dalian Commodity Exchange gained 2.4% to US$ 86.24/s.T. (Source – Metal Junction)
Japanese crude steel production in the past three quarters fell back to levels not seen since 2009 as the industry grapples with downstream manufacturing and construction worksite closures brought about by the coronavirus pandemic, compounding issues faced through existing tepid domestic demand and export opportunities. Production in the first quarter totaled 24.4 MT, down by 2.4% year on year. (Source – Argus)
The price of iron-ore is set to drift lower in coming months as the coronavirus pandemic eats away at demand, moderating its outperformance against other industrial commodities this year. Spot prices of iron-ore with a 62% iron content for delivery to China stood at US$ 84/T on Wednesday and are expected to decline to US$ 75/T by the fourth quarter, according to BMO Capital. Prices could remain firm in the short term, but the impact of closed steel furnaces and improving supply is due to gradually chip away at prices. (Source - Press Reports)
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