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IDBI Capital Report
During September 2023, Indian steel prices increased by 4% month-on-month to Rs 58,900/tonne although Chinese steel prices remained flat month-on-month to $550/tonne.
The rise in Indian steel price was accompanied by rise in prices of raw materials. Coking coal prices increased by 12% month-on-month to $260/tonne and domestic iron ore prices increased 9.5% month-on-month to Rs 8,100/tonne.
In August-23, Indian steel production increased by 3% month-on-month to 12 million tonnes while Chinese steel production increased 3% YoY to 86 million tonnes and global steel production remained flat YoY to 153 million tonnes.
During April-August, imports from China increased in India to 0.8 mn tonnes (up 69% YoY).
Hence, government imposed anti-dumping duty on some Chinese steel products for five years. Overall, Chinese exports of steel to the world remained high at 8.3 million tonnes in Aug-23 (+35% YoY).
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