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IDBI Capital Report
Indian steel prices witnessed a marginal fall in the month of December. The key event during December was imposition of anti-dumping duty on seamless tubes and pipe imports from China for five years.
Indian steel prices fell by 3% month-on-month as global sentiment remained sluggish. Nevertheless, the Chinese steel prices increased 6% on month-on-month basis.
However, coking coal prices increased by 17% month-on-month to $267/tonne in December. During November, Chinese steel production fell by 6% month-on-month to 74 million tonnes but Chinese exports were higher by 8% month-on-month to 5.6 million tonnes.
Meanwhile, Indian crude steel output remained flattish (up 1% month-on-month) to 10.4 million tonnes.
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