Motilal Oswal - MOSL: METALS WEEKLY-Chinese steel export prices down 6-12% WoW

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Motilal Oswal

MOSL: METALS WEEKLY-Chinese steel export prices down 6-12% WoW

METALS WEEKLY: Chinese steel export prices down 6-12% WoW

Indian steel: Long product (TMT Mumbai) prices were down ~2% WoW. Sponge iron prices were down ~5% WoW while domestic scrap prices were down ~6% WoW. Domestic iron ore prices were unchanged while pellet prices were marginally lower. Domestic HRC prices were unchanged but with falling import prices, risk is to the downside.
Raw Materials: Iron ore prices (China cfr) were down ~9% WoW on lower steel price in china, high port inventories and increasing local supply. Iron ore port inventories in China were however marginally lower WoW. Thermal coal prices were unchanged WoW. Coking coal prices were up ~11% WoW on weather related disruptions in Australia. Chinese pellet import prices were down 8% WoW.
Europe: HRC prices were down ~3% WoW. CIS export HRC prices were down 7% WoW. Rotterdam scrap prices were unchanged.
China: local HRC prices were down ~4% WoW, following ~10% decline last week. Rebar steel prices were down ~2% WoW. Export steel prices were however down ~6%/12% for rebar/HRC, respectively, WoW.
Base metals: Aluminum (cash LME) was down 2% WoW. Spot premiums in Japan were higher. Alumina prices were down by ~1% WoW. Zinc (cash LME) was down ~4% WoW while lead was down ~3% WoW. Copper was down ~2% WoW. Crude oil (Brent) prices were down ~2% WoW.

20/04/2017 28 EN

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MOSL: METALS WEEKLY-Chinese steel export prices down 6-12% WoW

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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