India remains a net exporter of steel in April 2017
* Indian steel: Long product (TMT Mumbai) prices were down ~2% WoW. Sponge iron and domestic scrap prices were down by ~4% WoW. Domestic iron ore were unchanged, while pellet was marginally lower. Domestic HRC prices were unchanged.
* Raw Materials: Iron ore prices (China cfr) were down ~10% WoW. Thermal coal prices were down ~3% WoW. Coking coal were down by ~14% WoW as supply is likely to normalize.
* Europe: HRC prices were up ~1% WoW. CIS export HRC prices were unchanged. Rotterdam scrap prices were up ~3% WoW.
* China: local HRC prices were down ~2% WoW but rebar rose ~2% WoW. Export prices were higher.
* Base metals: Aluminum (cash LME) was down ~1% WoW. Alumina prices were lower. Zinc (cash LME) was down ~2% WoW while lead was down ~4% WoW. Copper was down ~3% WoW. Crude oil (Brent) prices were down ~5% WoW.
* Based on preliminary data for April 2017, India’s steel demand grew 3.4% YoY to 6mt. Crude steel production grew 5.4% YoY to 8.1mt. India remained a net exporter of steel at 243kt. Imports were down 22.9% YoY to 504kt, while exports grew 141% YoY to 747kt. With decline in export steel prices, Indian’s steel exports would come under pressure.
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