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Motilal Oswal Report
The Europe has achieved ~87% of its gas storage capacity, which is more than its last five-year average. However, with gas supply from Nord Stream-I being down to 20%, the capacity will fall drastically short to meet the winter demand unless drastic consumption cuts are enforced, especially in energy heavy sectors, such as metals smelting.
The sharp drop in supplies could flare up demand for coal in the next month as gas storage tanks are drained out faster than their ability to refill.
Slowdown in China continues as mortgage boycotts are coordinating to suspend payments on 340 plus projects, up from 318 projects in July 2022.
In the first seven months of CY22, 31 provincial governments in China have reported deficits due to lower land sales – their chief reason of revenue plunge – that constrained their efforts to increase spending and provide a stimulus.
Back in the domestic market, hot rolled coil prices inched up slightly as Korean offers receded post-fire at POSCO's Pohang facility after being struck by typhoon Hinnamnor. However, the mills are coming back online fast.
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