Ratings agency ICRA said that the domestic steel consumption growth is expected to decelerate to around 5%-6% in FY2020 as compared to 7.9% in FY2019, on the back of an unprecedented slowdown in economic activity, as reflected by GDP growth tapering down to 5.0% in Q1 FY2020. Consequently, margin outlook for steelmakers has weakened in…
DetailsChina steel futures slipped on Tuesday, retreating from a 1-1/2-month high hit in the previous session on high inventories of steel products and concerns about demand from the real estate market. China's new home prices grew at its slowest pace in nearly a year in August with developers seen cutting prices, stoking worries if the…
DetailsBase metals prices on the Shanghai Futures Exchange drifted lower during the morning trading session on Thursday September 19 after the US Federal Reserve cut interest rates on Wednesday but failed to give a clear indication of further cuts. The US central bank lowered its benchmark lending rate by 25 basis points to a range…
DetailsEconomic Times reported that Indian steel industry captains have called on the government to exercise caution while finalizing the multilateral trade agreement India’s Regional Comprehensive Economic Partnership. Mr Seshagiri Rao joint MD of JSW Steel told ET “Our plea is that even if RCEP negotiations are finalized, Indian steel industry which has suffered in the…
DetailsThe three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday September 18, with the price breaching the nearby resistance value amid low trading volumes, while the rest of the base-metals complex continued to consolidate. Nickel futures closed at $17,200 per tonne in the afternoon, climbing by more…
DetailsSSAB has started to explore flexibility measures related to staffing adjustments at the end of August and initiated employer-employee negotiations in its Finnish operations concerning potential temporary lay-offs of a maximum of 90 days. The negotiations have now ended and there will be a temporary lay-off need averaging 2-3 weeks in 2019. The temporary layoffs…
DetailsMarket sources expected that domestic prices for hot-rolled coil (HRC) in Europe will continue to decline due to persisting poor demand and mounting pressure from reductions in import offer prices, sources told Fastmarkets on Wednesday September 18. Suppliers from Turkey and India have been active in the European market to compensate for the lack of…
DetailsBusiness Line reported that Ministry of Mines has allowed Steel Authority of India Ltd to offload, in a year, up to a quantity equivalent to maximum of 25 per cent of total iron ore production in the previous year. This is subject to clearance from the respective State governments where the mines are located. It…
DetailsActivity in the EU strip mill product market was muted during the summer holidays. Numerous supply chain participants remarked that conditions were quieter than usual for the time of year. In early/mid-September, the market remained subdued. Procurement by distributors is still weak, due to concerns about their own tight resale margins. Overall demand indicates little,…
DetailsThe price of wire rod delivered in the Southern European market went down this week amid slow trading, Fastmarkets heard on Wednesday September 18. Fastmarkets’ assessment of the price of steel wire rod (mesh-quality), domestic, delivered Southern Europe, was €470-490 ($519-541) per tonne on Wednesday, down by €10 per tonne from the week… Source of…
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