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Commodity update: Steel product prices weak, NMDC cuts iron ore prices by INR200-450/t

Motilal Oswal | 06 Oct, 2015  | Follow Author | Add to my Favourites 
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Steel product prices weak; NMDC cuts iron ore prices by INR200-450/t


- India long product (TMT Mumbai) prices fell 2.2% WoW, with prices now back to mid-Aug lows. Sponge iron prices fell 1% WoW, while scrap prices were down 4% WoW on correction in global scrap prices. India import parity HRC steel prices were unchanged WoW, but steel mills have however raised prices by ~INR500-700/t for October taking support from  20% safeguard duty. But with import prices continuing to fall and weak domestic demand holding prices higher would be difficult in our view.



- NMDC cut iron ore prices by ~INR200-450/t. Prices are now factoring impact of DMF @ 30% of royalty. Pellet prices fell sharply on restart of Tata Steel’s Naomundi mines.  


- Iron ore (China cfr) prices fell 7% WoW. Coking coal prices were flat WoW. Thermal coal prices were down 2% WoW.


- EU HRC price offers were down 3% WoW. CIS export HRC prices were flat.  China export rebar prices fell 3.5% WoW while HRC fell 1.1% WoW.  Rotterdam scrap prices were unchanged WoW.


Metals Weekly


- LME aluminum was down 1% WoW, but US spot premiums fell further this week. Alumina prices were marginally lower WoW.

 

- LME lead fell 4% WoW. Zinc was up 1% while copper was flat.



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About Motilal Oswal

Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.

 

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