Motilal Oswal - MOSL: METALS WEEKLY-WSA upgrades world steel demand forecast by 80bps for 2017

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Motilal Oswal

MOSL: METALS WEEKLY-WSA upgrades world steel demand forecast by 80bps for 2017

â€‹METALS WEEKLY: WSA upgrades world steel demand forecast by 80bps for 2017

Global demand forecast is revised upward to 1.3% for 2017. Chinaâ€™s demand would be flat at 681mt (v/s. -2% estimated earlier). RoW demand is cut by 20bps to 2.4% growth for 2017. Global demand would grow by 0.9% in 2018, but would decline by 2% to 667mt in China. Unless managed by supply actions, rising exports from China could once again hurt prices globally.

Indian steel: Long product (TMT Mumbai) prices were down ~4% WoW. Sponge iron prices were down 5% WoW, while domestic scrap prices were down ~4% WoW. Domestic iron ore were unchanged, while pellet was marginally lower. Domestic HRC prices were unchanged.
Raw Materials: Iron ore prices (China cfr) were down ~1% WoW. Thermal coal prices were unchanged. Coking coal corrected by ~16% WoW on likelihood of easing supply.
Europe: HRC prices were down ~2% WoW. CIS export HRC prices were up 1% WoW. Rotterdam scrap prices were down ~6% WoW.
China: local HRC prices declined ~3% WoW but rebar rose ~1% WoW. Export prices were unchanged.

25/04/2017 28 EN

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MOSL: METALS WEEKLY-WSA upgrades world steel demand forecast by 80bps for 2017

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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