Published on 23/04/2019 2:53:15 PM | Source: Motilal Oswal Securities Ltd

Metals Sector - Zinc prices lower ~5% on higher inventories By Motilal Oswal

Posted in Broking Firm Views - Sector Report| #Metals Sector #Motilal Oswal #Sector Report

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Zinc prices lower ~5% on higher inventories; Alumina prices decline ~4%

* Indian steel:

Long product (TMT Mumbai) prices were unchanged WoW. Sponge iron prices were ~1% higher, while scrap prices declined ~2% WoW. Iron ore prices remained unchanged WoW. Pellet prices were higher ~3% WoW. Domestic HRC prices were ~1% lower WoW. Export price offers were lower, while import offers were higher.

* Raw materials:

Iron ore prices (China CFR) were ~2% lower WoW. Thermal coal prices declined ~1% WoW. Coking coal prices remained broadly unchanged. China's pellet import prices were ~1% higher WoW. Chinese graphite electrode prices were unchanged.

* Europe:

HRC prices were unchanged WoW. CIS HRC export prices were lower ~3%. Rotterdam scrap prices were up ~4% WoW.

* China steel prices:

Chinese HRC prices were lower ~1% while rebar prices declined ~2% WoW. Export prices for rebar increased ~1% WoW while export prices for HRC were unchanged.

* Base metals:

Aluminum (cash LME) was broadly flat WoW. Alumina prices decreased ~4% WoW. Copper (cash LME) was down ~1% WoW. Zinc (cash LME) decreased ~5% WoW given higher inventories. Lead (cash LME) was up ~1% WoW. Brent crude prices were up ~2% WoW.


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