Global steel prices to drop in second half of 2016: BMI
The Dollar Business Bureau Globally the price of steel is likely to drop in the second half of this year, after increasing during January-June, due to decline in demand from the world's largest consumer, China. However, 2017 will bring in good news for the market if the pricesincrease, BMI Research, revealed in a recent report. "We expect the January-June 2016 steel rally to fade and prices to head lower, in the latter half of 2016 as declining Chinese steel demand growth, stemming from a slowdown of the country's construction activity, will result in an oversupplied market," said the firm. The firm predicted that the metal would trade between $450-520 a tonne during the second half of the current calendar year, with the median prices for the ...
Indias steel imports down 34% in April
The Dollar Business Bureau India’s steel imports in April dropped to its lowest figure in almost a year, as the inbound shipments of the metal fell by over 34 percent.Last month, imports of steel dropped 34.20 percent to 654,000 metric tonnes from 994,000 tonnes in March this year, said a provisional data released by the Steel Ministry.The fall in imports has been significant for various reasons. For one, the drop comes in the background of the government’s prolonged efforts to curb cheap imports of steel from various countries, especially China. India had bought a record 11.2 million tonnes of steel during January-March this year. And second, by far the most significant, a weakening of the Chinese currency thereby adding further woes ...
DGAD to freshly probe dumping of steel products
The Dollar Business Bureau As the world powers gathered in Brussels to discuss the humongous ‘overcapacity problem’ particularly between two global giants US and China, there was a startling revelation that hitherto dead steel mills in China have started producing again. And that spurned the steel prices to rise globally. All along China claimed to be committed to a market-based economy while its zombie-factories ramped up a record breaking production of 70.65 million tonnes in March. This is advantageous to the Chinese as they can easily bypass the issue of loss-making from non-existent mills! While EU, US, WTO and other major international trade organizations have been haranguing whether measures could be taken against such ‘dumping’, India in a bid to save its ...
World Steel Association cuts 2014 global steel demand growth forecast to 2%
The Dollar Business Bureau | @TheDollarBiz India became a net exporter of finished steel in FY2013-14. India's total finished steel exports stood at around 5.59 million tonnes against total imports of 5.45 million tonnes in the year. Global apparent steel (finished steel products) demand is expected to increase 2% in 2014 and 2015, mainly driven by demand in India, Africa and the Middle East, while demand in other regions is expected to remain subdued due to geopolitical factors and economic slowdown, according to the World Steel Association (Worldsteel). Global finished steel use in 2013 stood at around 1.48 billion tonnes, up about 3.8% from the previous year, but demand is likely to grow by 2% this year to 1.56 billion ...
