![Good times for steel makers to continue](https://magarticles.magzter.com/articles/4033/725625/611b59bc13dd9/Good-times-for-steel-makers-to-continue.jpg)
Domestic demand was subdued during the first quarter of the current financial year with buoyant export markets providing some support to most of the primary steel makers.
Domestic finished steel consumption was lower compared to the previous quarter due to the second wave of the pandemic though growth was strong compared to the corresponding quarter of 2020 when the economy was on virtual standstill.
During the quarter, long steel prices were relatively subdued compared to flat steel prices, which were also boosted by a strong export markets.
Officials of Jindal Steel and Power, whose exports accounted for 34 percent in the first quarter, said the share of exports would have been higher in the absence of logistical challenges posed by unfavorable weather leading to congestion at ports.
Crude steel production, consumption rise in July
India’s crude steel production was up 3.9 percent month-on-month (m-o-m) in July at 9.725 million tons (mt), according to initial provisional data from the steel ministry.
Hot metal production was up 5.8 percent in July at 6.588 mt, while finished steel production was up 2.8 percent m-o-m at 8.996 mt, the data showed.
Finished steel consumption moved up marginally by 0.65 percent to 8.245 mt in July while imports rose 1.9 percent m-o-m to 4,10,000 tons during July. Exports during the period rose 10.5 percent m-o-m to 1.512 mt in July.
Strong demand to support prices
Some of the fundamental factors supporting the prices so far still exist including the demand pull indicating that there could be some stream left in steel prices with likely revival in demand post monsoon.
In the first half of 2021, global steel makers witnessed high margins, improved demand and low inventories.
Things would be better in coming months, says global steel major ArcelorMittal.
Denne historien er fra August 2021-utgaven av Steel Insights.
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Denne historien er fra August 2021-utgaven av Steel Insights.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Steel's Net Zero mission
The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
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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.
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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.
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Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
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MOIL embarks on expansion projects
“Even 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.” Ram Chandra Prasad Singh, Steel Minister
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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.
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Shrinking China output to boost India exports
“In 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.” Baoshan Iron and Steel Co Ltd
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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.
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September crude steel production up 7.2% y-o-y
India’s 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.
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“Five enablers: way forward to sustainable cleaner steel”
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