With steel prices heading southwards in China, India’s domestic market may witness a slump in the coming days. China is the largest producer and consumer of steel. Steel prices in China slid 10-12% to around $510/tonne level in the last three weeks,

after hitting a high of around $600/tonne in August. This has caused
worries among Indian companies that an increase in flow of low-priced
steel may discourage consumption of Indian products.

Steel production in China is growing faster than consumption, which has
resulted in surplus situation. Demand has come down marginally in
China, which is why steel mills have started pushing their products
into other markets.

There’s a difference of around $30-40/tonne in the price of some grades
of domestic steel and landed price of imported steel from China. The
demand-supply gap has caused a fall of around 20% in the physical
Chinese steel market since early August.

India’s top steel makers have increased prices of steel by more than
10% since July. Steel imports increased 9% to 0.8 million tonne in
August over the corresponding period last year. While some see it as a
strong case for safeguard duties, other feel it’s a temporary trend.

Source: Commodity Online

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