Metals, Mining Sector Check – Export Duty Away But Macro Headwinds Persist: IDBI Capital


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Indian steel prices remained flattish in the month of November. The key event, during the month, was removal of export duty on steel. Despite this, Indian steel prices remained flattish (down 1% month-on-month) as globally the sentiment remained sluggish.

The Chinese steel prices fell by 5% on month-on-month basis. Nevertheless, coking coal prices fell by 22% month-on-month to $229/tonne in the month of November.

For October, global steel production fell by 3% month-on-month to 147 million tonnes while Chinese steel production fell by 9% month-on-month to 79 million tonnes and Chinese steel exports grew by 4% month-on-month to 5.2 million tonnes in October.

Meanwhile, Indian crude steel output grew by 5% month-on-month to 10.5 million tonnes.

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