Trade-level coated flat steel prices rose this week after the mills announced a hike in their tags for February 2025 sales. The effective list price of galvanised plain (GP, 0.8mm, 120gsm, IS277) coils stood at INR 59,250-60,000/tonne ($/t) ex-Mumbai, while pre-painted galvanised iron (PPGI, 0.5mm, 90gsm, IS14246) coils were at INR 69,250-70,000/t ($/t) ex-Mumbai for […]
Steel
India: Finished stainless steel prices remain range-bound w-o-w as market fails to gain momentum after Budget
India’s stainless steel finished flats prices remained range-bound while finished longs dropped w-o-w amid weak demand in the finished segment and declining LME nickel prices. Although market participants had anticipated an improvement following the Budget, this has failed to materialise. Budget FY’26: Tariff on stainless steel flat products revised, effective duty unchanged In a move […]
India steel index holds firm w-o-w; market sees slow start to CY’25
Morning Brief: The New Year started on a mellow note for the Indian market, with BigMint’s Steel Composite Index crawling up by 0.3% w-o-w to settle at 129.0 points on 3 January 2025. Interestingly, all sub-indices either recorded increases or were stable w-o-w, in what may be early signs of a gradual improvement in trade momentum. […]
China’s steel exports hit 2nd-highest peak over Jan-Nov’24. 2025 may see trade probes impact
Morning Brief: China’s steel exports crossed the 100-million tonne (mnt) threshold in January-November, 2024 (11MCY’24), clocking 101.30 mnt, as per data recorded by China’s Customs and maintained with BigMint. The volume also surpassed 2023’s 90-odd mnt. The exports are the second-highest ever, playing catch-up with the peak of 115 mnt recorded in 2015. However, on a […]
Japan: Nippon Steel Stainless secures lower ferro chrome prices for Jan-Mar’25
Japan Metal Daily: Several South African chromium producers have agreed with Japan’s Nippon Steel Stainless Steel Corporation to reduce the price of ferro chrome, a key raw material for stainless and special steel, by around 7% for January-March 2025. Similar moves are expected from other companies in the industry as well. This marks the second straight […]
Global steel, raw material prices slip marginally in Dec. Black Sea billets plunge to 16-month low
Morning Brief: Extending the trend seen in November, global steel and raw material prices have shown a m-o-m negative trend in December 2024 so far. Except for iron ore, which showed a slight uptick. The winter chill has further turned steel demand cold in the western geographies as well as in China. BigMint goes behind the […]
EU launches review of steel import safeguard quotas
Mysteel Global: The European Union (EU) has announced a review of its safeguard measures on certain steel product imports to reassess the allocation and management of tariff-rate quotas, Mysteel Global learned from a legal document published in the Official Journal of the European Union on 17 December. The EU’s current safeguard measures, introduced in July 2018 […]
Iran: Semi-finished steel exports fall 22% y-o-y in first 8 months of current Persian year
Iran’s semi-finished steel exports in the first eight months of the current Persian year (21 March 2024-20 November 2024) stood at 3.84 million tonnes (mnt), a decrease of 22% compared to the same period last year, according to data from Petrometals. However, exports of long products were recorded at 2.34 mnt, up 21% y-o-y, while […]
China Weekly: Steel prices edge up following uptrend in SHFE futures
The Chinese steel market saw an uptickin prices this week, largely mirroring the rise in Shanghai Futures Exchange (SHFE) prices. Domestic steel product prices, including billet, hot-rolled coil (HRC), and rebar, saw w-o-w increases. Iron ore prices also experienced a slight upward trend this week. 1. Iron ore spot prices increase by $2/t w-o-w: The benchmark […]
China’s crude steel production continues to fall in Jan-Oct. Mills cautious on long term
Morning Brief: The decline in China’s crude steel production continued. Over January-October, 2024 (10MCY’24), it fell 3% to 850 million tonnes (mnt) compared to 877 mnt in the corresponding period last year (CPLY), as per data NBS maintained with BigMint. M-o-m, October output, however, rose 2.9% to 81.9 mnt. Province-wise break-up The top five among the […]