India coated steel: Monsoon rains hit demand

: Metals
19/08/07

India's coated steel prices fell this week, as monsoon rains slowed construction activity.

A trade emerged for galvanised sheet of 0.8mm thickness with a zinc coating of 90 grams/square metre (gsm) at 48,500 rupees/t ($686/t) ex-works, about Rs1,000/t lower than last week.

Offers in the first week of June for similar sheets of 0.5mm thickness with zinc coating of 90gsm were at about Rs52,000/t ex-works.

Prices of colour-coated sheet have also been falling since June. Offers for colour coated sheets of 0.5mm thickness with zinc coating of 90-100gsm were at Rs 55,000/t this week, lower by Rs500/t over the past week. Offers for similar material were at Rs59,000-61,000/t during the first week of June.

Coated sheet is used mostly for roofing and barricading.

A credit squeeze in the economy has also slowed real estate, infrastructure and industrial projects, hitting demand for all grades of steel. A number of infrastructure projects that were announced earlier are stalled because of a lack of both public and private-sector funds, said the manager of a Mumbai-based steel mill.

Most main mills had increased listed prices of coated products by Rs500/t earlier this month. But the market is unwilling to accept these prices amid weak demand, said a Delhi-based trader.

Demand may resume sometime next month as the monsoon rains ease.

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/04/29

US consumer confidence falls for 5th month in April

Houston, 29 April (Argus) — US consumer confidence fell in April to the lowest level since the onset of the Covid-19 pandemic five years ago, and consumer expectations fell to the lowest since October 2011, according to a Conference Board survey released today. The consumer confidence index fell by 7.9 points to 86 in April, the fifth consecutive monthly decline and the lowest since the US was emerging from a brief recession in 2020 that was triggered by the pandemic and the related economic shutdown. The expectations index, based on US consumers' short-term outlook for income, business and labor market conditions, dropped by 12.5 points to 54.4, well below the threshold of 80 that usually signals a recession ahead. The three segments of the expectations index — business conditions, employment prospects and future income — "all deteriorated sharply, reflecting pervasive pessimism about the future", according to the Conference Board. "Tariffs are now on top of consumers' minds, with mentions of tariffs reaching an all-time high," the board said. "Consumers explicitly mentioned concerns about tariffs increasing prices and having negative impacts on the economy." The share of consumers expecting fewer jobs in the next six months was 32.1pc, nearly as high as in April 2009 during the Great Recession. The present situation index, based on consumers view of current business and labor market conditions, fell by 0.9 to 133.5. "High financial market volatility in April pushed consumers' views about the stock market deeper into negative territory", with 48.5pc expecting stock prices to fall in the next 12 months. Average expectations for US inflation levels in 12 months rose to 7pc, the highest since November 2022. The Conference Board is a non-partisan, non-profit think tank based in the US. Its monthly consumer confidence survey is based on an online sample of consumers. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japanese ferrous scrap exports remain strong in March

25/04/29

Japanese ferrous scrap exports remain strong in March

Shanghai, 29 April (Argus) — Japan's ferrous scrap exports dipped slightly in March, but overall volumes remained high on weaker domestic scrap demand in Japan. Exports totalled 645,000t, down by 3pc from February, but still 25pc higher than a year earlier, according to Japan's customs data. Total exports in the first quarter rose by 17pc on the year to 1.87mn t. Shipments to South Korea continued to decline and local mills faced pressure from low-priced steel imports and a sluggish construction sector. South Korean mills were largely focused on domestic purchasing and fulfilling long-term contracts with Japanese suppliers, and avoided spot purchases, according to market sources. Vietnam remained Japan's largest scrap buyer, with volumes rising by 23pc on the year to 839,000t in the first quarter of 2025. Scrap and steel demand in Vietnam rebounded as construction activity picked up after the lunar new year and steelmakers entered the seaborne market to restock. Exports to Bangladesh tripled in January-March compared with 2024, signalling strong growth potential in south Asia. Shipments to India also surged, rising from 10,663t in January-March 2024 to 61,693t in 2025. Japanese suppliers increasingly targeted new markets in the face of weakening demand from traditional export destinations. Japanese scrap exporters are expected to stay active in overseas markets on weakening domestic demand. Japan's ministry of economy, trade and industry (Meti) forecasts ordinary steel demand from the construction sector to fall to 3.9mn t in April-June, a 2.4pc decline on the year. Japan's ferrous scrap exports t Country Mar-25 m-o-m % ± y-o-y % ± Jan-Mar y-o-y % ± Vietnam 287,684 -4.2 37.0 838,562 22.6 South Korea 111,958 -4.3 -28.6 353,564 -24.7 Bangladesh 102,276 0.1 133.7 274,023 200.4 Taiwan 63,150 25.2 78.7 142,811 1.5 Others 80,183 -15.7 14.5 257,706 20.7 Total 645,251 -3.0 25.1 1,866,667 16.7 Source: Japan customs Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Indonesia imposes new nickel royalty rates

25/04/29

Indonesia imposes new nickel royalty rates

Singapore, 29 April (Argus) — The Indonesian government has implemented new royalty rates, also known as the non-tax revenue or Penerimaan Negara Bukan Pajak (PNBP) for nickel products, effective from 26 April. Some of the effective royalty rates were slightly adjusted from the previous proposal on 8 March. The PNBP royalty rate for nickel ore remained the same as the proposal, which was revised from a fixed 10pc to a range of 14-19pc, depending on the Harga Mineral Acuan (HMA) nickel price — the reference price for nickel ore. Implemented nickel pig iron (NPI) royalty rates were also as proposed at 5-7pc, depending on the HMA, from a flat rate of 5pc. The Indonesian government set the new royalty rate for ferronickel at 4-6pc, a slight drop from the proposed 5-7pc but an increase from the previous fixed 2pc. Royalty rates of nickel matte were similarly imposed lower at 3.5-5.5pc, down from the proposed 4.5-6.5pc but higher than the previous 2-3pc. Royalty rates for nickel mixed-hydroxide-precipitate (MHP) were newly introduced at a flat rate of 2pc. The new royalty rates are expected to increase production costs in the longer term but is likely to have limited immediate impact on prices. The nickel industry and government are in ongoing discussions over profitability concerns and possibility of delaying the implementation, but other details could not be confirmed. Nickel royalty rates HMA nickel ($/t) Proposal on 8 March (%) Implemented rates (%) Nickel ore <18,000 14.0 14.0 18,000 < 21,000 15.0 15.0 21,000 < 24,000 16.0 16.0 24,000 < 31,000 18.0 18.0 ≥ 31,000 19.0 19.0 NPI <18,000 5.0 5.0 18,000 < 21,000 5.5 5.5 21,000 < 24,000 6.0 6.0 24,000 < 31,000 6.5 6.5 ≥ 31,000 7.0 7.0 Ferronickel <18,000 5.0 4.0 18,000 < 21,000 5.5 4.5 21,000 < 24,000 6.0 5.0 24,000 < 31,000 6.5 5.5 ≥ 31,000 7.0 6.0 Nickel matte <18,000 4.5 3.5 18,000 < 21,000 5.0 4.0 21,000 < 24,000 5.5 4.5 24,000 < 31,000 6.0 5.0 ≥ 31,000 6.5 5.5 MHP Flate rate - 2.0 Source: Indonesian government Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia’s Fortescue lifts iron ore sales in Jan-Mar

25/04/29

Australia’s Fortescue lifts iron ore sales in Jan-Mar

Sydney, 29 April (Argus) — Australian metal producer Fortescue shipped 46mn wet metric tonnes (wmt) of iron ore on a 100pc basis in January-March, up by 6.5pc on the year, despite facing weather challenges. Fortescue left its export guidance for the 2025 financial year ending 30 June unchanged at 190mn-200mn wmt of ore, including 5mn-9mn wmt of magnetite concentrate from its Iron Bridge mine, in its January-March quarterly report on 29 April. The company sold 143mn wmt of ore, including 4.7mn wmt of Iron Bridge magnetite, in the nine months to 31 March. Fortescue increased its shipments across every product category on the year in January-March (see table) , because of the partial ramp-up of Iron Bridge and an ore car derailment in January-March 2024. These factors offset the impact of multiple cyclone-related port disruptions in Western Australia (WA) over January-February. Fortescue's Iron Bridge magnetite sales tripled on the year but remained flat on the quarter in January-March. The company is reviewing the 22mn t/yr mine's ramp-up schedule and will announce a plan to reach full capacity by late June. Fortescue originally planned to increase Iron Bridge's output to capacity by September, before it in February backed away from that date. The company improved ore processing circuits at the mine during the last quarter, replacing the lining of air classifiers, Fortescue told investors on 29 April. Fortescue's iron ore fines products accounted for 55pc of its total sales in January-March, down slightly from 56pc a year earlier. Iron ore fines tend to be less valuable than similarly graded iron ore lumps, as they require additional processing. Fortescue's iron ore cash costs decreased by 7pc from $18.93/wmt a year earlier to $17.53/wmt, on the back of mine performance improvements. The company left its cash cost guidance for the 2025 financial year unchanged at $18.50-19.75/wmt. Fortescue's cash costs hovered in the upper end of its guidance over the first half of the 2025 financial year, reaching $19.20/wmt. Many of Fortescue's WA competitors experienced sales declines in January-March, because of cyclone-related disruptions. WA iron ore shipments from global metals firm BHP and UK-Australian producer Rio Tinto declined by 7.8pc and 18pc on the year, respectively, during the quarter. Argus ' iron ore fines 62pc Fe (ICX) cfr Qingdao price has been falling since late-January. It was last assessed at $99.10/t on 28 April, down from $105.25/t on 31 January. By Avinash Govind Fortescue Shipments by Product mn wmt Jan-Mar '25 Jan-Mar '24 Oct-Dec '24 Jul-Mar '25 Jul-Mar '24 y-o-y Change (%) YTD Change (%) Iron Bridge Concentrate 1.5 0.5 1.5 4.7 0.6 200.0 683.0 West Pilbara Fines 3.4 3.0 3.6 10.6 11.6 13.0 -8.6 Kings Fines 4.0 3.9 4.1 11.8 11.2 2.6 5.4 Fortescue Blend 17.0 17.0 18.0 53.0 58.0 3.0 -10.0 Fortescue Lump 1.8 1.6 1.9 5.8 6.1 13.0 -4.9 Super Special Fines 18.0 18.0 20.0 58.0 50.0 2.9 15.0 Other 0.0 0.0 0.0 0.0 0.2 - -100.0 Total 46.0 43.0 49.0 143.0 138.0 6.5 3.8 Fortescue Argus' iron ore cfr Qingdao prices ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Carney’s Liberals to form next Canadian government

25/04/29

Carney’s Liberals to form next Canadian government

Calgary, 28 April (Argus) — Canadian prime minister Mark Carney and his Liberal party are projected to win the country's 45th general election, but securing a majority of seats in Parliament is unclear with many tight races still to be determined. The Liberal party is on track to take 156 of the 343 seats up for grabs, according to preliminary results from Elections Canada at about 11pm ET. The Conservatives, led by Pierre Poilievre, will form the official opposition with an estimated 144 seats so far. The Liberals seat count is comparable to the 160 won in the 2021 election while the Conservatives are up from 119. If the Liberals win a minority they would need the support of other parties to pass legislation, as they did prior to the election. The win completes the comeback for the Liberal party which just a few months ago languished in polls as dissatisfaction of then-prime minister Justin Trudeau rose. Carney and his experience navigating economic crises resonated with voters as they found themselves in a trade war initiated by US president Donald Trump. The US has imposed a 25pc tariff on Canadian steel and aluminum since 13 March and Canadian automobiles since 9 April. Canada has retaliated to each wave with tariffs of their own. Canadian oil and gas has been exempt from US tariffs but Trump's trade action has led many politicians and Canadians at large to re-examine the need to diversify its energy exports. Trade corridors, pipelines and LNG facilities were promoted by both Carney and Poilievre. Carney and Trump agreed in late-March that broader, comprehensive economic negotiations would happen after the election. The Liberals have held power since 2015, but only in a minority capacity since the 2019 election. Inflation, housing, Trump top concerns The key issues for Canadians this election cycle were inflation, housing, cost of living and international relations — particularly the aggressive moves from the US, according to polls. Diversifying trade and growing energy production have been promoted by both Conservative and Liberal leaders — and prime minister hopefuls — looking to become less dependent on US customers and kickstart a lagging economy. Canada is the world's fourth-largest oil producer with over 5.7mn b/d of output, and the fifth-largest natural gas producer at 18 Bcf/d, according to the Canadian Association of Petroleum Producers (CAPP). The US is Canada's largest foreign customer of each, but verbal and economic attacks on Canada by Trump have prompted politicians and Canadians at large to reexamine their trade strategies. Poilievre says Liberal policies over the past decade have stifled the country's productivity and allowed it to become the weakest performer in the G7. Liberal policy needs to be undone so Canada can "unleash" its oil and gas sector to better protect its sovereignty , says Poilievre. Carney's campaign had centered heavily on Trump, emphasizing the threat comes from abroad, not within. Carney wants to make Canada an "energy superpower" but maintains current legislation is the way to do it, despite calls to the contrary by oil and gas executives . By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more