Motilal Oswal - MOSL: METALS WEEKLY-Chinese steel millsâ€™ spreads at multi-year highb

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Motilal Oswal

MOSL: METALS WEEKLY-Chinese steel millsâ€™ spreads at multi-year highb

â€‹METALS WEEKLY: Chinese steel millsâ€™ spreads at multi-year high

Indian steel: Long product (TMT Mumbai) prices were unchanged WoW. Sponge iron prices were also unchanged, while domestic scrap prices were down ~4% WoW. Domestic iron ore prices were unchanged. Pellet prices were marginally higher. Domestic HRC prices were unchanged, but import price offers were up ~5% WoW.

Raw materials: Iron ore prices (China cfr) were up ~5% WoW. Chinese iron ore port inventories were unchanged. Thermal coal prices were up ~6% WoW. Coking coal prices were up ~8% WoW on likelihood of production cuts in China. China pellet import prices were up ~2% WoW, as premium over iron ore remains strong.

Europe: HRC prices were up ~1% WoW. EU steel spreads are lower on higher iron ore and coking coal prices. CIS export HRC prices were up ~2% WoW. Rotterdam scrap prices were unchanged.

China: Local HRC prices were up ~3% WoW, while rebar prices were up 2% WoW. Steel inventories are declining. Export HRC/rebar prices were up ~1/2% WoW. Mill spreads are at multi-year high.

Base metals: Aluminum (cash LME) was down ~1% WoW. Alumina prices were lower. Zinc (cash LME) and lead were unchanged. Copper was up ~1% WoW. Crude oil (Brent) prices were up ~5% WoW.

17/07/2017 28 EN

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MOSL: METALS WEEKLY-Chinese steel millsâ€™ spreads at multi-year highb

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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