Motilal Oswal - MOSL: METALS WEEKLY-Steel and aluminum production run-rate declines in China in Sep

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Motilal Oswal

MOSL: METALS WEEKLY-Steel and aluminum production run-rate declines in China in Sep

â€‹METALS WEEKLY: Steel and aluminum production run-rate declines in China in Sep

Indian steel: Long product (TMT Mumbai) prices were up ~1% WoW. Sponge iron prices were up 3% WoW, but domestic scrap prices were unchanged. A few private miners have cut iron ore prices by INR100-200/t. Pellet prices were also lower. Domestic HRC prices were unchanged.
Raw materials: Iron ore prices (China cfr) were unchanged. Thermal coal prices were down 1% WoW. Coking coal prices were down ~2% WoW. China's pellet import prices were up ~2% WoW.
Europe: HRC prices were unchanged. CIS HRC export prices were marginally lower WoW. Rotterdam scrap prices were down ~3% WoW.
China: Local HRC and rebar prices were down ~2%/~3% WoW. Export HRC prices rose ~2% WoW, but rebar prices were down ~3% WoW.
Base metals: Aluminum (cash LME) prices were up ~1% WoW. Alumina prices were up ~4% WoW. Zinc (cash LME) was down ~4%. Lead was down ~2% WoW. Copper was up ~2% WoW. Crude oil (Brent) prices were up ~1% WoW.
Steel/aluminum production in China moderates in Sep: Crude steel production growth decelerated from 9%/11% in August/July to 5.4% YoY (to 71.8mt) in September in China. Aluminum production declined 5% YoY in September, accelerating from decline of ~3% in August. Early winter cuts and closure of illegal capacities are driving lower production run-rate, in our view.

24/10/2017 28 EN

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MOSL: METALS WEEKLY-Steel and aluminum production run-rate declines in China in Sep

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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