MOSL: METALS WEEKLY: Sharp correction in coking coal prices to revive margins of major steel players in 3QFY23
. METALS WEEKLY: Sharp correction in coking coal prices to revive margins of major steel players in 3QFY23
- China PMI stood at 49 v/s 50.2 in Jun'22, indicating a contraction in the economy, led by frequent lockdowns, following the zero COVID-19 strategy of President Mr. Xi Jinping.
- India reported a PMI of 56.4 in Jul'22 as compared to 53.9 in Jun'22, indicating continued improvement in its economic health.
- Domestic prices continued to slide as surplus inventory, especially of flat steel, continues to weigh on prices. Prices of long products seem to have bottomed out, with support from secondary steel, due to higher thermal coal prices.
- Coking coal has corrected by 39% in last one month, which will reflect in the improved margins for major steel players from 3QFY23.
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