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IDBI Capital Report
During August 2023, steel prices in India remained flat month-on-month and YoY to Rs 56,600/tonne although Chinese steel prices decreased 6% month-on-month and 9% YoY to $550/tonne.
However, raw material prices increased sharply in Aug-23. Coking coal prices increased by 14% to $232/tonne; it is expected that coking coal prices will stay firm between $230-250/tonne FOB Australia in H2 CY23.
Domestic iron ore prices increased 14% month-on-month to Rs 7,400/tonne.
In July-23, Indian steel production increased by 3% month-on-month to 11.5 million tonne while Chinese steel and global steel production remained flat month-on-month to 91 million tonne and 159 million tonne.
During April-July, China was the second-biggest steel exporter to India, selling 0.6 million metric tons, up 62% YoY. Overall, Chinese exports of steel to the world remained high at 7.5 million tonnes in June 2023 (+12% YoY).
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