Monthly Archives: July 2018

Odisha Pins Hope on Delhi HC Order to Resume Mineral Auctions

Odisha is all agog on the next hearing of the Delhi High Court scheduled on August 7 on the fate of mineral block auctions. The court had stalled the auctions of two iron ore blocks- Chandiposhi and Purheibahal on the lack of clarity on Section 6 (1) of MMDR Act read with Mineral Auctions Rules of 2015. The statutory rules bar a leaseholder to bid for auctions if an area spanning 10 sq km is already under its leasehold.

“We had requested the Centre for relaxation in the ceiling of mineral lease area. Now, we are looking forward to the next hearing of the Delhi High Court to get some clarity on the issue”, said an Odisha government official with direct knowledge of the matter.

After the restraining order of the court, the Odisha government had turned circumspect and put on hold the entire auction process. This was despite the state lining up a few more iron ore and limestone blocks for online auctions. In fact, not a single mineral block in the state could be auctioned since then due to prevailing uncertainty on the implications of the court order.

The court in a restraining order dated May 4 this year, has asked the government not to proceed with the auctions, citing anomalies in the tender documents.

The state government had already initiated the process of auctioning the Chandiposhi and Purheibahal iron ore blocks, both in iron ore-laden Sundargarh district. A total of 17 companies have evinced their interest in the auctions. The state mines department officials refused to divulge their names, citing the sensitivity attached to the auctions process.

The Delhi HC has cited non-adherence to some provisions contained in Section 6 (1) (b) of the MMDR Act f 1957 in the modalities of auctions. Going by existing Mineral Auction Rules, 2015 based on this section, no bidder can be entitled to a fresh mineral block if has already more than 10 sq km of mineral leasehold area in its possession.

To overcome this restrictive clause, the state government in March this year had written to the Central government to raise the limits to 75 sq km instead of 10 sq km stipulated as of now. The central government has not yet communicated on any possible change in mineral limits.

Tata Steel stands to gain if the area limits are revised. Earlier, the steel company has made abortive bids at electronic auctions of iron ore blocks in Odisha despite being warned by the state government that it will not be eligible to get a Letter of Intent despite being successful at the auctions. Tata Steel presently has six iron & manganese ores in its kitty which are spread over a lease area of over 50 sq km in the state.

The Mineral Auction Rules supposedly bar the state government to grant the Letter of Intent to any such successful bidder whose current possession of lease exceeds 10 sq km.

In a clear indictment of the state government’s tender documents, the court said the papers lack clarity on the eligibility of a bidder who stands disqualified by Section 6 (1) (b) of the 1957 Act.

The court also sounded sceptical on whether the Odisha government’s recommendation for hiking area limits would be accepted by the central government.

Given that in the light of these circumstances, auctions of the two blocks might lead to confusion, the court has stalled the process for now. It has instructed the Union government to finalise the matter relating to raising the ceiling on maximum area which can be held by a lessee in consultation with the state government within 15 days of its order.

 

JSPL Bags its First Global Tender to Supply Rails to Indian Railways

Jindal Steel & Power Ltd (JSPL) has emerged as a winner in the prestigious first-ever global tender for supply of Rails by Indian Railways. The award of the order to supply close to 1 lakh tonne of Rails comes as the conclusion of the global tender which saw participation from 8 bidders, including world’s seven topmost manufacturers of Rails.

JSPL is the only private sector manufacturer of Rails in the country and is amongst 7 global steelmakers with capabilities to manufacture Head Hardened Rails. The company will supply around 1 lakh tonnes of rails to Indian Railways over a period of one year.

“It is indeed a historic moment for JSPL to bag this prestigious order through a global tender which saw participation from world’s top manufacturers of Rails. This is just the beginning and we are confident to emerge as a long-term partner for Indian Railways for building and modernizing Nations railroad network”, N A Ansari, CEO of JSPL said. “JSPL is fully geared up to commence faster deliveries so as to assist Indian Railways in the rapid deployment of planned rail track rollout”.

With the first order from Indian Railways after procuring all technical clearances based on global best norms, JSPL aims at increasing its participation in proposed railway infrastructure modernization in the coming years. JSPL operates India’s most advanced 1 MnT per annum (MTPA) rail mill at its 3.6 MTPA integrated steel plant at Raigarh, Chhattisgarh. The company has already supplied Rails to national railways of Iran and Bangladesh; and to Dedicated Freight Corridor of India. The company has capabilities to manufacture single piece rails of up to 121-metre length and up to 480 metre (with three welds) for higher durability.

 

Nepal: Buying Interest for Indian Induction Grade Billets Remains Subdued

As per market participants in Eastern India, the buying inquiries from Nepalese re-rollers continue to remain average. They added, buyers in Nepal are booking material as per necessity & small lots have been booked on daily basis.

As per update, the current export offers of Billet produced through EA or induction furnaces are evaluated at USD 465/MT ex-Durgapur, East India, equivalent to USD 490-495/MT CFR Raxaul border, Nepal.

Similarly, Wire rod export offers to Nepal being raised to USD 520/MT as against last assessment at around USD 510/MT, ex-mill, Durgapur, East India. On CFR basis the latest price amount at around USD 545-550/MT CFR Raxaul border, Nepal.

The slight rise in export prices attributes to gain in Indian domestic prices. As per assessment, in a week duration domestic Billet prices in East India increase by around INR 500/MT (USD 8).

On an average Nepal’s monthly Billet imports from India is about 80,000-100,000 MT which in the first half of 2018 (Jan-Jun) stood about 526,000 MT, as per custom data maintained by SteelMint.

Large Mills Wire rod Offers

The current Wire rod export offers by a large mill based in Jhakhand heard at USD 630-640/MT CFR Raxaul border Nepal for high carbon & Size – 5.5-6.0 MM. As per a re-roller in Nepal, buying interest is less than by USD 20-30/MT than the offers.

Nepal’s Local Steel Demand Remains Sluggish 

Presently, the local steel demand in Nepal not up to the mark as heavy rains disturbed most of major construction works in the country, as reported by local mills based in Birgunj & Bhairva.

The commercial grade rebar prices in Birgunj, Nepal by small mills assessed at around NPR 71,000/MT (USD 647/MT or INR 44,350/MT) and through the large mills (premium brands) evaluated at around NPR 74,000/MT (USD 675/MT or INR 46,200/MT). The prices are ex-works, size 10-20mm and excluding VAT at 13%.

 

Indian Steel Mills Eye for Lower HRC Offers from Japan

Market sources in conversation with SteelMint shared that,Indian mills are eyeing for lower HRC offers from Japan.Japanese mills have not offered any material for August shipments to India and have kept HRC export offers stable for September shipments. Currently Japanese mills are offering HRC at around USD 650-660/MT CFR basis.

However Indian buyers are bidding around USD 600-620/MT CFR India amid weaker prices in domestic market. Thus there is a gap of around USD 30-50 between bids and offers.

A market participant commented that,”Indian mills have refrained themselves from booking HRC amid arrival of monsoons and lackluster demand in domestic market. However demand may pick up from the month of October.Meanwhile USA tariffs will result to limited HRC exports from Japan in near term”.

Chinese HRC export offers continued to remain steady-Chinese HRC export offers continued to remain stable despite retreat in domestic prices.However depreciation of Yuan against USD has also kept HRC export offers largely stable.

Currently Chinese HRC export offers heard around USD 575-580/MT, FoB China. Payment are made on letter of credit basis for 1,000-10,000 MT

Domestic prices have increased by RMB 50/MT on weekly basis.Thus prices of HRC in the domestic market are gauged at RMB 4,290-4,310/MT (ex-works) in Eastern China and 4,220-4,240 /MT Northern China.

CIS HRC export offers remain unchanged-CIS origin HRC export offers remain unaltered as buyers have postpone their purchases.They have adopted wait and watch mode and are observing trend of Chinese steel prices.

Currently HRC (2.5 mm S235 JR) export offers are heard around USD 560-565/MT FoB Black Sea.However last week the prices stood in the similar range.

Major mills in Russia are offering HRC in range of USD 560/MT FoB Black Sea.

Indian mills reduce HRC export offers to Vietnam – Last week a major Indian steel mill based in eastern region has concluded a deal of 10,000 MT of HRC cargo to Vietnam in the range of USD 592/MT CFR basis.Previously the offers were assessed around USD 600-605/MT CFR basis.

However imported offers to Vietnam from China remain stable at USD 600-610/MT CFR Vietnam.

Global Flat Steel Export Offers – Week 31,2018

Particulars Currency Prices
HRC, FoB China USD/MT 575-580
CRC,FoB China USD/MT 615-625
HRC, FoB Black Sea USD/MT 560-565
CRC, FoB Black Sea USD/MT 625-630
HRC,CFR Vietnam from China USD/MT 600-610
HRC,CFR Vietnam from India USD/MT 592-605
HRC,FoB Japan USD/MT 630

Source-SteelMint Research

 

US Sanctions Instigates MMK to Cease HRC Exports to Iran

MMK (Magnitogorsk Iron and Steel Works) which is Russia’s third largest steel manufacturer and has recently completed the reconstruction of its first blast furnace, has stopped deliveries to Iran on the backdrop of US Sanctions imposed on Iran.

The announcement was made by the company’s Director for Economics, Mr. Andrey Eremin- the company’s director for economics.

He added “MMK, which previously shipping HRC to Iran along with its Russian competitor Severstal, was not affected by the move, as it had already redirected deliveries to other markets.”

“Even before the introduction of sanctions, deliveries were insignificant,” Eremin said. “We even cleared out the port warehouses where stocks were intended for delivery in that direction, and sold off supplies.”

Kazakhstan and Russia Ceases HRC Export to Iran

Recently, Russia and Kazakhstan have stepped back to do steel trade with Iran. The nations will be stopping HRC export to Iran over the prospects US reimposing sanctions on Iran.

The development indicates that despite protests from Russia, that unilateral US sanctions should not affect Russian companies, the steel companies are changing their behavior for fear of US sanctions. It is to be noted that coils are shipped to Iran by Russian steelmakers Severstal and MMK along with ArcelorMittal’s plant in Kazakhstan.

Iran was one of the major importer of Russian and Kazakhstani HRC during CY’17, as the nation imported around 0.42 MnT and 0.24 MnT of HRC respectively from these two exporters. Till May’18, Russia has already exported 0.11 MnT HRC to Iran.

About MMK

MMK is one of the world’s largest steel producers and a leading Russian metals company. The company’s operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel.

In 2017, the company produced 12.9 MnT of crude steel and 11.6 MnT of commercial steel products. MMK Group had sales of USD 7,546 million and EBITDA of USD 2,032 million during the year.

 

Daily Update: Indian Semis Price Fluctuates

Indian Semis prices marginally fluctuates on day trade activities over mix trade activities. As per assessment, Billet prices fluctuate by INR 200-400/MT, however Sponge iron prices fall marginally by INR 100/MT.

As per participants, inquiries continue to remain sluggish from the local rolling mills due to limited demand of Finished products.

SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 30,600-34,500/MT (USD 446-504) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 19,300-21,900/MT (USD 281-320); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

On 31st July 2018 (Tuesday) INR to USD exchange rate stood at INR 68.53

BSE Sensex closed at 37,606(+112) on Tuesday, as against last day (Monday) at 37,494(+157).

Raw material

KIOCL (Kudremukh Iron Ore Company Limited) has recently concluded another deal of 50,000 MT pellets of Fe 64% grade (less than 2% alumina) at around USD 116-118/MT, FoB India for August shipment- Sources.

South African RB2 (5500 NAR) coal offers are assessed at USD 87/MT on FoB basis & USD 101/MT CNF India.

Local manufacturers in Raigarh are offering 60-14 Silico Manganese at around INR 64,500-65,000/MT ex-plant.

Melting scrap offers in Western India- Gujarat fall by INR 2,000/MT in a month trade activities.

Semi finished

Indian induction grade billet export offers to Nepal is hovering at USD 465/MT ex-mill, Durgapur & USD 455/MT ex-mill Odisha, Eastern India.

Neo Metaliks based in Durgapur, East India has offered Steel grade pig iron at INR 29,500/MT. As per a official, buying interest is limited due to competitive landed cost of Odisha pig iron.

Raipur, Central India based Integrated plants have reduced offers by INR 100-200/MT day-on-day and offering Sponge P-DRI at INR 20,100-20,300/MT ex-plant.

Rashmi Metaliks in Durgapur, known as price trend setter, has offered Sponge P-DRI at INR 20,000/MT – Sources.

Bhaskar Steel and Ferro Alloy Ltd, an Odisha based plant offered FeM 80 C-DRI at INR 20,600/MT & Billet at INR 30,600/MT ex-plant.

BMM Ispat, a renowned sponge manufacturer offering FeM 80 P-DRI lumps at INR 18,500-18,600/MT ex-Bellary, Karnataka.

Finish Long

Super Smelters Ltd in Durgapur is offering Wire Rod 5.5 MM at around INR 36,500/MT, ex-works & GST extra.

A Large Mill based in South India is offering Wire rod 5.5 MM, MS grade material at around INR 43,000/MT, ex-works & GST extra.

Today, suppliers in Raipur have reduced trade discount on Wire rod and current discount is in the range of INR 800-1,200/MT.

Indian Finish Long Steel production (Bar & rods and Structures) moved up by 4.53% to 23.78 MnT in Jan-Jun (H1) 2018 as against same time frame in last year at 22.75 MnT.

Reference prices as on 31st July 2018

  Particular/Delivery Size, Grade, Origin Prices Min Max Change 1W 1M
Scrap Ex-Mumbai HMS(80:20) 25,000 24,900 25,100   0 24,500 25,000
Ex-Chennai HMS(80:20) 22,700 22,600 22,800   0 22,600 24,500
C-DRI Ex-Durgapur Mix, FeM 78%, +/-1 21,200 21,100 21,300   0 20,300 22,000
Ex-Rourkela Mix, FeM 80%, +/-1 20,600 20,500 20,700 – 100 20,600 20,800
Ex-Raipur Mix, FeM 80%, +/-1 21,900 21,800 22,000 – 100 21,700 21,800
Ex-Bellary Lumps, FeM 80%, +/-1 19,300 19,200 19,400   0 18,900 19,200
P-DRI Ex-Durgapur Lumps, FeM 78%, +/-1 19,900 19,800 20,000   0 19,100 20,900
Ex-Raipur Lumps, FeM 80%, +/-1 20,200 20,100 20,300 – 150 19,800 20,000
Ex-Bellary Lumps, FeM 80%, +/-1 18,500 18,400 19,600 – 100 18,300 18,500
Ex-Hyderabad Lumps, FeM 80%, +/-1 19,000 18,900 19,100 – 100 18,800 19,300
Ingot Ex-Mandi Gobindgarh 3.5 x 4.5 Inch, IS 2830 34,000 33,900 34,100 + 400 33,800 36,400
Ex-Durgapur 3.5 x 4.5 Inch, IS 2830 31,300 31,200 31,400   0 30,700 33,600
Ex-Rourkela 3.5 x 4.5 Inch, IS 2830 30,000 29,900 30,100 – 200 30,100 32,700
Ex-Raipur 3.5 x 4.5 Inch, IS 2830 30,500 30,500 30,600 – 50 30,400 33,100
Ex-Mumbai 3.5 x 4.5 Inch, IS 2830 32,000 31,900 32,100 – 50 31,400 33,600
Ex-Chennai 3.5 x 4.5 Inch, IS 2830 33,600 33,500 33,700   0 33,500 34,300
Ex-Hyderabad 3.5 x 4.5 Inch, IS 2830 33,200 33,100 33,300   0 33,200 33,700
Billet Ex-Mandi Gobindgarh 125×125 mm, IS 2831 34,500 34,400 34,600 + 400 34,300 36,900
Ex-Durgapur 125×125 mm, IS 2831 32,000 31,900 32,100 + 100 31,300 34,000
Ex-Rourkela 125×125 mm, IS 2831 30,750 30,700 30,800 – 50 30,900 33,400
Ex-Raipur 125×125 mm, IS 2831 31,200 31,100 31,300 – 200 31,150 34,100
Ex-Mumbai 125×125 mm, IS 2831 32,350 32,300 32,400   0 31,750 33,800
Ex-Chennai 125×125 mm, IS 2831 34,100 34,000 34,200   0 34,000 34,800
Ex-Hyderabad 125×125 mm, IS 2831 33,500 33,400 33,600   0 33,500 34,000
TMT Ex-Delhi/NCR 12-25 MM, IS 1786- 500 Fe 36,700 36,400 36,800 – 300 37,400 41,500
Ex-Durgapur 12-25 MM, IS 1786- 500 Fe 35,600 35,400 35,800   0 35,500 38,600
Ex-Raipur 12-25 MM, IS 1786- 500 Fe 34,400 34,200 34,600 – 300 34,900 38,800
Ex-Mumbai 12-25 MM, IS 1786- 500 Fe 36,000 35,800 36,200 + 100 35,800 38,200
Ex-Chennai 12-25 MM, IS 1786- 500 Fe 38,700 38,500 39,000   0 38,900 39,800
Ex-Hyderabad 12-25 MM, IS 1786- 500 Fe 37,500 37,300 37,700   0 38,000 38,750

Basic prices in INR/MT & excluding of GST @ 18%
Source: SteelMint Research

 

Met Coke Price Rebound Likely Following China’s Deepening Output Cuts

Chinese export metallurgical coke prices have been falling since the first working day of July, as result of flat purchases from steel mills on subdued demand.

Moreover, major coke plants in many areas like Tangshan and Handan cities of Hebei province in the north and Henan in central China were ordered to cut production. Also the country’s northern production base of Shanxi may see escalating environmental crackdown to curb operating rate at coke plants.

Furthermore, the Chinese government has currently ordered steel mills and coke producers in Tangshan – the world’s biggest steel producing city – to cut output further this summer.

Notably, Tangshan produced 91.2 MnT of crude steel in 2017, accounting for 11% of the country’s total steel output.

At this juncture, a decrease in future coke supply may be underway.

The drop in output will likely trigger some price growth.

Accordingly, Chinese met coke pricing might well be anticipated to bottom out following over one-month retreat.

On the pricing front, latest import offers for the 64% CSR met coke have plummeted to as low as USD 320/MT FOB China, down by about USD 14/MT than the rates that prevailed in the previous week.

Similarly, offers for the 62% CSR met coke has decreased to around USD 312/MT FOB China.

Source: CoalMint Research

For Indian buyers, these offers amount to USD 337/MT and USD 329/MT respectively on CNF India basis.

Nevertheless, India’s domestically produced met coke prices have remained unchanged for the last two months.

The current ex-works prices of the blast furnace grade are hovering around INR 26,000/MT (east coast) and between INR 27,000 and 28,000/MT (west coast).

 
Japan Coal Imports

Japan: Coal Imports Down 2% Y-o-Y in H1 CY18

Japan’s coal import has recorded a decline of 2% during the first half of CY18. As per the data provided by customs, coal import by the country has modestly fallen from 97.37 MnT in Jan’17-Jun’17 to 95.26 MnT in Jan’18-Jun’18.

On the monthly basis, Japanese coal import in Jun’18 had fallen to its lowest total for CY18. Coal import in Jun’18 was down 10% M-o-M to 14.74 MnT compared with 16.29 MnT in May’18, which was also 17% lower on the year compared with 17.71 MnT in Jun’17.

The reason behind the country’s low import in Jun’18 could be attributed to the fall in coal sourcing from its major exporter Australia- which provides both coking and non-coking coal to Japan. Australian coal export to Japan had fallen to its lowest monthly total over the 2017-18 period, was marked at 8.18 MnT in Jun’18.

Negotiations between Glencore and Japan’s Tohuku Electric to set the price for Australian thermal coal supply contract for the 2018-19 had ended without a settlement, which might also have affected Japan’s coal sourcing from Australia.

Grade-wise Coal Imports in H1 CY18:
Japan’s non-coking coal imports during the first half of CY18 had decreased 3% Y-o-Y to 63.17 MnT compared with the corresponding period’s total of 65.17 MnT recorded in CY17. Anthracite coal imports were down 27% Y-o-Y to 2.59 in H1 CY18.

Coking coal imports had increased 4% Y-o-Y to 21.57 MnT in H1 CY18. Imports of met coke and pet coke had also increased during the half year period.

Sub Commodity H1 CY18 H1 CY17 % Change
Non Coking Coal 63.17 65.17 -3%
Coking Coal 21.57 20.84 4%
Anthracite 2.59 3.53 -27%
Pet Coke 2.58 2.46 5%
Met Coke 0.80 0.54 48%
Others 4.55 4.81 -5%
Grand Total 95.26 97.37 -2%

Source: Japanese Customs
Quantity in MnT

Major Coal Exporters in H1 CY18:
Australia and Indonesia remained the top two largest coal exporter to Japan, providing nearly three-fourth of the total coal in H1 CY18. However, exports from both these countries were down on the yearly basis.

Australian coal export fell 3% Y-o-Y to 57 MnT, while Indonesian coal export was down 12% Y-o-Y to 13.85 MnT in H1 CY18.

Russia was the third-largest coal supplier to Japan, whose exports had increased 5% Y-o-Y during H1 CY18. Coal export from the US was up 22% Y-o-Y to 7.36 MnT in H1 CY18.

Japan Country-wise Coal Imports

Source: Japanese customs | Quantity in MnT

 

India’s Domestic Pellet Market Overview – Week 31

Domestic pellet prices in India have remained mostly stable this week with the marginal increase in eastern India by around INR 100/MT W-o-W.

Durgapur based pellet makers raise offers over an increase in P-DRI prices-: In Durgapur (eastern India) reference pellet price assessment stands at INR 6,600-6,700/MT (delivered) this week against last week’s assessment INR 6,500/MT. P-DRI prices have also increased sharply this week at Durgapur to INR 19,900/MT against last week assessment of INR 19,100/MT.

Barbil pellet offers remain unchanged at INR 6,500/MT (loaded to wagons), however, no major deals were reported. Pellet offers from Jajpur are heard at around INR 6,600/MT (ex-plant).

As per the sources, rake availability in the eastern part of India is extremely critical, which has hampered the material movement in the domestic market.

Central India pellet offers stable, trades subdued-: Central India pellet price assessment for this week is at INR 6,500/MT against last week’s assessment of INR 6,400-6,500/MT. Few offers were also heard at INR 6, 600/MT for this week but buying interest was heard at INR 100-150/MT less than the offers.

P-DRI prices have also been increased sharply by INR 500/MT to at INR.20,300/MT (basic) compared to INR 19,800 /MT a week ago.

Southern India pellet offers unchanged amid stable demand-:
Southern India (Bellary) based pellet makers have kept prices unchanged to INR 6,250-6,350/MT in line with last week assessment. As per the sources, the demand is steady in the market. Recently NMDC has decreased iron ore prices in fines by INR 300/MT and INR100/MT in lumps but that price changed has not been affected the market yet.
P-DRI price assessment has also declined by INR200/MT to INR18, 500/MT this week against INR18, 300/MT last week.

Indian Pellet Reference prices as on 31st Jul’18

     City
 Grade (Fe %)  Basic Prices in INR/MT 
Barbil* 63 6,500
Jajpur 63 6,600
 Durgapur 63 6,500-6,700
Raipur 63 6,500
Bellary 63 6,250-6,350
Kandla** 63 7,500

Prices (GST extra) mentioned for min 1000 MT qty booking on advance payment basis
*loaded to wagons
**delivered
Source: SteelMint Research

 

Iranian Billet Export Increases Substantially by 40% in Q1 of Persian Year

Iran – one of the largest billet exporter in MENA region has exported 1,051,000 MT billet and bloom during the 1st quarter of current Persian year (21-Mar till 21-Jun’18). Export of billet during the period was reportedly up by 40% Y-o-Y against 751,000 MT in the same quarter of last Persian year.

1 – Khouzastan Steel Company (KSC) was the largest exporter of billet and bloom during the period, the company exported 411,884 MT in Q1 of current year, registered a downfall of 25% Y-o-Y against 547,922 MT exported in last Persian year.

2 – South Kaveh Steel Company (SKSCO) was the second largest exporter of billet, the company exported 226,000 MT billet during the Q1 of current year, registered a growth of 60% Y-o-Y against 141,250 MT exported in last Persian year.

3 – Khorasan Steel was the third largest exporter of bloom, the company exported 18,661 MT in Q1 of current Persian year.

Iranian Slab Export Decreases by 15%

Iran, the major exporter of slab exported 803,000 MT during the Q1 of current Persian year, registered a downfall of 15% Y-o-Y against 944,000 MT.

1 – Khouzastan Steel Company (KSC) was the largest exporter of slab during the period, the company exported 352,412 MT slab in Q1 of current Persian year, registered a growth of 35% Y-o-Y against 261,046 MT exported in last Persian year.

2 – Hormozgan Steel Company (HOSCO), a subsidiary of MSC, has exported 188,682 MT slab during the period, exports were up by 12% against 168,400 MT.

3 – Mobarakeh Steel Company (MSC) exported 165,454 MT slab, registered a growth of 20% against 137,878 MT exported in last year.

It is to be noted that Iran has surpassed its 8 MnT export target in the last Persian year (March 2017-18) by shipping 8.49 MnT of steel, up by 53.4% Y-o-Y. The government has targeted 9.5 MnT steel exports for this year (March 2018-19) and 14 MnT by the end of March 2020-21 Persian year.

Inputs from Chilan Online