Spot prices weakened marginally during the first couple of weeks. Prices were impacted by concerns over tightening import quotas in China. Market participants adopted a wait and watch approach as prices fluctuated.
As the month progressed transactions were heard at lower bids with prices falling to the level of $107/t FOB. Concerns over China’s import restrictions constrained Chinese demand, putting pressure on seaborne prices.
According to sources, transaction at $107/t happened even as some bids were quoted low at $105/t FOB Australia.
Deals were slow as there was a gap between offers and bids and prices that downstream buyers from China can accept. Import restrictions for seaborne coal also constrained Chinese buyers from procuring seaborne material.
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Steel's Net Zero mission
The countryâs commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.
Seaborne coking coal offers remain range-bound
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while Indiaâs production went up by 7% to 10 mt.
MOIL embarks on expansion projects
âEven though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.â Ram Chandra Prasad Singh, Steel Minister
Iron ore handled by major ports down 17% in H1
The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
Shrinking China output to boost India exports
âIn the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.â Baoshan Iron and Steel Co Ltd
Indian Railways' iron-ore handling up 25% in H1
Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.
September crude steel production up 7.2% y-o-y
Indiaâs crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.
âFive enablers: way forward to sustainable cleaner steelâ
Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.
