Motilal Oswal - MOSL: METALS WEEKLY-Domestic steel prices remain weak

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Motilal Oswal

MOSL: METALS WEEKLY-Domestic steel prices remain weak

â€‹METALS WEEKLY: Domestic steel prices remain weak

Indian steel: Long product (TMT Mumbai) prices were down ~2% WoW. Sponge iron prices declined ~2% WoW, while domestic scrap prices were down ~7% WoW. A few domestic private miners have cut iron ore lumps/fines prices by INR250/75 per ton. Pellet prices were unchanged. Domestic HRC prices were down ~1% WoW.
Raw Materials: Iron ore prices (China cfr) were down ~6% WoW. Thermal coal prices were up ~2% WoW. Coking coal prices were down ~1% WoW. China pellet import prices were down ~4% WoW.
Europe: HRC prices continue to decline gradually (down by ~2% WoW). However, spreads were stable on lower iron ore and coking coal prices. CIS export HRC prices were unchanged. Rotterdam scrap prices were up ~1% WoW.
China: Local HRC prices were up ~1% WoW, while rebar prices fell ~4% WoW. Steel inventories are declining. Chinese steel product spreads on rebars are at multi-year highs. Export HRC/rebar prices were down ~3/~1% WoW.
Base metals: Aluminum (cash LME) was down ~1% WoW. Alumina prices were higher. Zinc (cash LME) was down ~1% WoW. Lead was up ~1% WoW. Copper rose ~3% WoW. Crude oil (Brent) prices were down ~4% WoW.

13/06/2017 28 EN

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MOSL: METALS WEEKLY-Domestic steel prices remain weak

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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