Motilal Oswal - MOSL: METALS WEEKLY-Chinese export steel prices continue to trend higher

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Motilal Oswal

MOSL: METALS WEEKLY-Chinese export steel prices continue to trend higher

â€‹METALS WEEKLY: Chinese export steel prices continue to trend higher

Indian steel: Long product (TMT Mumbai) prices were unchanged WoW. Sponge iron prices were up ~2% WoW while domestic scrap prices were up ~5% WoW. Domestic iron ore and pellet prices were unchanged. Domestic HRC prices were unchanged, but import price offers were up ~2% WoW.
Raw Materials: Iron ore prices (China cfr) were up ~2% WoW. Chinese iron ore port inventories were unchanged. Thermal coal prices were up ~2% WoW. Coking coal prices were up ~4% WoW on strong buying activity in China. China pellet import prices were up ~1% WoW, as premium over iron ore remains strong.
Europe: HRC prices were up ~3% WoW, second consecutive week of increase. EU steel spreads improved on higher steel prices, offset partly by increase in iron ore and coking coal. CIS export HRC prices were up ~1% WoW. Rotterdam scrap prices were up ~1% WoW.
China: local HRC prices were up ~1% WoW, while rebar prices were down ~1% WoW. Steel inventories are declining. Export HRC/rebar prices were up ~2/1% WoW, respectively. The mill spreads are at multiyear high.
Base metals: Aluminum (cash LME) was unchanged. Zinc (cash LME) was unchanged while lead was down ~2% WoW. Copper was up ~2% WoW. Crude oil (Brent) prices were down ~2% WoW.

25/07/2017 28 EN

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MOSL: METALS WEEKLY-Chinese export steel prices continue to trend higher

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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