Monthly Archives: July 2019

China to Ramp-up Efforts to Curb Substandard Steel Production

According to the latest reports, key industry officials of CISA (China Iron and Steel Association) in its annual midyear convention has highlighted that China’s is set to increase its efforts to keep in check the unwanted, polluting and substandard steel output in order to contain risks from excess capacity and promote high quality development in the steel industry.

As China’s campaign to cut overcapacity becomes more stringent which will increase sector’s profitability, the risk of new illegal capacity has also surged as some Chinese companies play tricks to build new capacity, and the production of substandard steel reoccurs as quoted by Wang Wei, head of the raw material department of the Ministry of Industry and Information Technology.

China has been following production cuts over the past two years in order to control overcapacity. The country has pre-achieved its target set by the 13th Five-Year Plan (2016-20) by reducing 150 MnT of crude steel capacity and has removed 140 MnT of substandard steel capacity, according to Wang.

Now to keep a check on substandard steel production units, an inspection panel, co-organized by the ministry and the National Development and Reform Commission (NDRC), will soon start their inspection tour during the third quarter. Substandard steel production and violations of related rules and laws when conducting capacity replacement projects will be the focus of the panel’s inspection, and they will serve as warnings to anyone who attempts to increase new capacity illegally, Mr. Wang said.

He Wenbo, the executive vice-chairman of the CISA, said that to maintain the progress in cutting overcapacity, it is important to improve the layout of steel capacity on a national level, instead of just within a province, a city, or even a county. He suggested measures to encourage competent steel companies to conduct mergers and acquisitions across cities, provinces and even regions, in order to efficiently cut capacity and enhance the national steel capacity layout.

He also suggested that it is important to evaluate the actual results of capacity replacement projects, to ensure removed old capacity outstrips new capacity, saying that construction of new capacity must be strictly regulated. In the fast half of 2019, China produced 492 million tons of crude steel and 587 million tons of steel products, with year-on-year increases of 9.9 percent and 11.4 percent respectively, figures from the CISA showed.

Inputs from China Daily


Will Indian Steel Mills Lower HRC Prices in August?

Indian HRC prices continued to remain on lower side over tedious demand and dull buying prevailing in domestic market. Trade sources shared that market sentiments continued to remain lackluster over fewer trades happening in domestic market.

As per SteelMint price assessment trade reference prices for HRC (IS2062,2.5-8mm) is currently at INR 37,500-38,000/MT (Ex-Mumbai), INR 37,000-37,500MT (ex-Delhi) and INR 39,000-40,000/MT(ex-Chennai).Prices mentioned above are basic and extra GST@ 18% will be applicable.

Meanwhile trade reference prices of CRC (0.9mm, IS 513) prices on weekly basis  are currently hovering around INR 42,500-43,000/MT (ex-Mumbai), INR 40,500-42,500/MT (ex-Delhi) and INR 43,500-44,500/MT(ex-Chennai). Prices mentioned above are basic and extra GST@ 18% will be applicable.

Market participants are expecting price cut by INR 1,000-1,500/MT for August. However company officials mentioned that announcement is yet to be made, however reduction will be in terms of offers or discounts which is yet to be announced.

A trader based in Ludhiana commented that,” Slow demand continue to pressurize HRC prices further in domestic market. Also trade segment is expecting discounts and rebates to support current scenario”.

Few other trade sources shared that,”Demand is likely to pick up towards the end of monsoon season in Sep month which may support the prices in near term”.

Auto sales continue to decline in Q1- As per market reports, auto sales reported decline in first quarter of this fiscal against the backdrop of consumer sentiment continuing to remain subdued because of the overall slowdown in the economy and tightening of credit norms by banks.

The situation further worsened as demand in the rural market nosedived because of falling farm income and lack of financing options from NBFCs.

In Q1 FY20, sales of automobiles from showrooms declined by 6% to 5.12 Million units. Retail sales of passenger vehicles declined by just 1%, but commercial vehicle sales fell sharply by 14%.


Daily Update: Indian Steel Market 31 Jul’19

Indian billet prices remained volatile as trades subdued in across regions. The prices rise by around INR 100-200/MT in major markets except in southern India – Hyderabad where it drop by INR 500/MT on day trade activities.

Inline rebar prices slump by INR 100-500/MT owing to limited spot trades & sufficient stock with the mills. However sponge iron prices surge by INR 100-200/MT, day on day.

SteelMint’s latest price assessment for induction furnaces billet in Indian market stood at INR 25,700-29,300/MT (USD 373-426) ex-plant.

Further, the coal based sponge (78-80 FeM) C-DRI price assessment was at INR 16,400-17,400/MT (USD 238-253); prices are ex-plant & excluding GST.

Rupee & BSE Sensex

On 31st July 2019 (Wednesday) INR to USD exchange rate stood at INR 68.81.

ICEX (Indian Commodity Exchange Ltd) Aug’19 contract for STEELLONG today open at INR 27,930/MT & last traded (IST 18:19) at INR 27,850/MT.

BSE Sensex closed at 37,481(+83) on Wednesday, as against last day (Tuesday) at 37,397(-289).

NSE Nifty50 index was closed today at 11,118(+32) & Nifty Metal at 2,588(+61).

Raw Materials

As per vessel lineup data maintained with SteelMint, a vessel named ‘Hoihow’ carrying 35,200 MT of ferrous scrap from USA is expected to arrive at Kandla port on 31st Jul’19.

Semi Finished

Indian sponge iron export offers for 80 FeM sponge lumps are at USD 270-275/MT CPT Benapole (dry land port of Bangladesh & India) and USD 285-290/MT CNF Chittagong, Bangladesh.

Foundry grade pig iron offers assessed at around INR 32,300-32,600/MT FoR Ahmedabad, excluding GST.

Major sponge producers in Raipur have raised sponge P-DRI prices by INR 100/MT to INR 16,200/MT ex-plant and as per conversation sufficient bookings made by Ingot/Billet manufacturers.

Sources reported Chandrapur (Maharashtra) based manufacturers offered Sponge P-DRI (FeM 80) at INR 16,500/MT, ex-plant & excluding GST.

Apple Industries in Bellary (Karnataka) offered Sponge FeM 83+ P-DRI lump at INR 17,500/MT & Billet at INR 28,000/MT ex-plant.

BMM Ispat a price trend setter in South Indian sponge market has kept offers unaltered today and offered FeM 80 P-DRI lumps at INR 15,900-16,000/MT ex-Bellary, Karnataka.

BIOP Steels in South India has increased sponge prices by INR 100/MT, offering FeM 80 & 82 C-DRI lumps at INR 16,500/MT & INR 16,90/MT ex-plant, Karnataka; an official reported.

Wire Rod & Pipe

Wire rod trade discounts & base price steady in Raipur at INR 1,600-1,800/MT & INR 31,900/MT (ex-plant), respectively.

Mandi Gobindgarh, North India based ERW pipe manufacturers offers reported at around INR 35,100/MT ex-plant & excluding GST.

Raipur, Central India based ERW pipe manufacturers offers reported at around INR 32,500-33,000/MT ex-plant & excluding GST.

Rebar (12 mm)

Raipur based – SPEED TMT is offering at INR 30,100/MT (up by INR 100/MT).

Raigarh based Anjani Steels Ltd. (Radhe TMT) has unchanged their offers at INR 30,000/MT.

Gujarat based Diamond TMT has unchanged their offers at INR 33,300/MT.

Mumbai based Sun Metallics and Alloy Pvt. Ltd. (SUN TMT) is offering at INR 30,500/MT(down by INR 200/MT).

Jalna based Rajuri Steel Pvt. Ltd. (Rajuri TMT ) is offering at INR 31,400/MT(down by INR 400/MT).

South region based – VRKP Steel Industry Pvt Ltd – (VRKP TMT) is offering at INR 33,100/MT (down by INR 300/MT).

Real Ispat (GK TMT) has unchanged their offers at INR 32,500/MT.

Note – Prices mentioned above are ex-work, excluding GST & changes are placed on day basis. Prices are subject to reconfirmation.

Reference prices as on 31st July 2019

Particular/Delivery Size, Grade, Origin Prices Min Max Change 1W 1M
Scrap Ex-Alang HMS(80:20) 22,200 22,100 22,300 + 100 22,100 23,800
Ex-Mumbai HMS(80:20) 21,000 20,800 21,200   0 21,200 22,500
Ex-Chennai HMS(80:20) 20,200 20,100 20,400   0 20,300 22,000
C-DRI Ex-Durgapur Mix, FeM 78%, +/-1 17,400 17,300 17,500   0 17,700 18,500
Ex-Rourkela Mix, FeM 80%, +/-1 16,500 16,400 16,600   0 16,600 17,000
Ex-Raipur Mix, FeM 80%, +/-1 17,200 17,100 17,300 + 100 17,500 17,400
Ex-Bellary Lumps, FeM 80%, +/-1 16,400 16,300 16,500 + 100 16,600 16,900
P-DRI Ex-Durgapur Lumps, FeM 78%, +/-1 16,400 16,300 16,500   0 16,700 17,500
Ex-Raipur Lumps, FeM 80%, +/-1 16,200 16,100 16,300 + 100 16,500 16,400
Ex-Bellary Lumps, FeM 80%, +/-1 15,800 15,700 15,900   0 16,200 16,500
Ex-Hyderabad Lumps, FeM 80%, +/-1 16,400 16,300 16,500   0 16,600 17,100
Ingot Ex-Mandi Gobindgarh 3.5 x 4.5 Inch, IS 2830 29,200 29,100 29,300   0 29,700 31,600
Ex-Durgapur 3.5 x 4.5 Inch, IS 2830 25,900 25,800 26,000   0 26,200 28,250
Ex-Rourkela 3.5 x 4.5 Inch, IS 2830 25,400 25,300 25,500 + 100 25,700 27,400
Ex-Raipur 3.5 x 4.5 Inch, IS 2830 26,000 25,900 26,100 + 100 26,300 27,600
Ex-Mumbai 3.5 x 4.5 Inch, IS 2830 27,200 27,100 27,300   0 27,650 29,300
Billet Ex-Mandi Gobindgarh 100×100 mm, IS 2831 29,300 29,200 29,400   0 29,800 31,800
Ex-Durgapur 100×100 mm, IS 2831 26,400 26,300 26,400   0 26,700 28,650
Ex-Rourkela 100×100 mm, IS 2831 25,700 25,600 25,800 + 100 26,100 27,800
Ex-Raipur 100×100 mm, IS 2831 26,300 26,200 26,400 + 50 26,800 28,400
Ex-Ahmedabad 100×100 mm, IS 2831 28,700 28,600 28,800 + 100 28,800 30,200
Ex-Mumbai 100×100 mm, IS 2831 27,500 27,400 27,600   0 27,900 29,500
Ex-Chennai 100×100 mm, IS 2831 29,200 29,100 29,300 – 50 29,200 29,900
Ex-Hyderabad 100×100 mm, IS 2831 28,000 27,900 28,100 – 500 28,500 29,000
TMT Ex-Delhi/NCR 12-25 MM, IS 1786- 500 Fe 33,800 33,700 34,100 – 100 34,200 35,400
Ex-Durgapur 12-25 MM, IS 1786- 500 Fe 30,600 30,400 30,800   0 31,100 33,700
Ex-Rourkela 12MM, IS 1786- 415/500 Fe 29,800 29,600 30,000 – 200 NA NA
Ex-Raipur 12-25 MM, IS 1786- 500 Fe 29,800 29,600 30,000   0 30,400 32,500
Ex-Mumbai 12-25 MM, IS 1786- 500 Fe 30,400 30,200 30,600 – 300 31,200 32,800
Ex-Chennai 12-25 MM, IS 1786- 500 Fe 33,600 33,400 33,800 – 200 33,700 34,900
Ex-Hyderabad 12-25 MM, IS 1786- 500 Fe 32,000 31,800 32,100 – 500 32,500 33,000
Wire Rod Ex-Durgapur Wire Rod(5.5 MM) 30,400 30,300 31,000 + 100 30,800 33,200
Ex-Raipur Wire Rod(5.5 MM) 30,900 30,200 31,900   0 32,200 34,000

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


Bangladesh: Imported Scrap Prices Stable in Recent Deals

In conversation with market participants, SteelMint learned that imported scrap offers to Bangladesh have been stabilized this week, however, the domestic market situation remained sluggish amid heavy rains and upcoming holidays for Eid in the country.

SteelMint’s assessment for containerized Shredded scrap from UK, Europe and USA stand stable at USD 325-330/MT, CFR Chittagong in comparison to the last week, while trades in containers reported majorly in the range of USD 325-328/MT, CFR.

As per sources, one of the leading manufacturers has recently booked 2,500 MT containerized HMS 1&2 (80:20) scrap from Chile/USA and Australia origin at around USD 311-312/MT, CFR Chittagong while South American HMS 1 is being traded at around USD 315/MT, CFR. Offers of HMS 1&2 scrap stand in the range of USD 305-310/MT, CFR. However, trades slowed down as compared to earlier weeks.

Few steelmakers were looking for HMS 1&2 below USD 300/MT levels however, hardly few offers were available at these levels except UK/EU origin sheared HMS scrap with 3-4% impurities which is hovering in this range.

As per sources, Bangladesh market will start slowing down in next 4-5 days and then remain mostly closed for Eid from 9th-15th of August, lowering trades further. It is being anticipated that fresh demand will come in the market in early September as the market picks up then.

Last week, few deals of scrap in bulk vessels were heard by the Bangladeshi steel mills. As per sources, in the bulk bookings, HMS was booked around USD 325/MT and Shredded around USD 330-335/MT, CFR Bangladesh. A steelmaker heard under negotiation for Russian bulk scrap cargo, however, the confirmation on it is still awaited from the company official.

Domestic scrap prices fall amid weak sentiments – Local scrap market has been observing continued downtrend since last few weeks amid oversupply. Most of the steelmakers actively brought ships before budget declaration thus inventories of scrap coming out of breaking and processing of those ships remain high witnessing successive drop in domestic scrap prices. Offers for shipyard scrap currently hovering in the range of BDT 33,000-34,000/MT (USD 391-407), decreasing further by around BDT 1000/MT (USD 12) against last week. On competitive prices, few steelmakers prefer shipyard scrap over imported for time being.


Indian Sponge Iron Export Trades Slow Down on Lower Bids

There were no fresh deals in sponge iron exports since more than a week’s time due to disparity between bids & offers, stated market sources. There is gap of USD 5-10/MT between bids & offers.

As per conversation, the fresh quotation for Indian Sponge C-DRI exports (79-80 FeM, 100% lumps) hovering at USD 275/MT CPT Benapole (dry port of India & Bangladesh), equivalent to USD 285-290/MT CNF Chittagong, Bangladesh.

Meanwhile the buying interest reported not more than of USD 270/MT CPT Benapole & close to USD 280-285/MT CNF Chittagong.

Hence the buyers are in wait & watch mode, resulting in slowing down of exports of Indian sponge iron.

SteelMint analysed that, demand is better in Indian domestic market amid good realisation, thus suppliers (manufacturers) are not willing to deal in exports amid low margins.

On an average, the Odisha based manufacturers are dealing in domestic market for sponge C-DRI (79-80 FeM, 100% lumps) at around INR 16,800-17,000/MT (USD 244-248) ex-works. However if they will go for export bookings on buying inquiries, the realisation will be around INR 16,000/MT (USD 233) on ex-works basis.

Logistic cost via road from eastern India, Odisha & Jharkhand to Benapole (dry port of India & Bangladesh) is about INR 2,500/MT (USD 36), as per exporters in Kolkata.

Why have mills lowered bids for sponge iron ?

SteelMint observed that, the local steel demand in Bangladesh has worsened due to monsoon season and upcoming Eid festival in the country.

Also as per sources, the standalone steel mills in Bangladesh have reduced production near to 30-40%, this is resulting falling raw materials demand.

MCL Coal Offtake

India: MCL Revises Surface Transportation Charge for Coal

Mahanadi Coalfields Ltd (MCL), the CIL subsidiary operating in Odisha, has revised the surface transportation charge (STC) which it charges from customers for transporting coal from mines to loading points.

The cost varied across the distance covered upon coal transportation, is primarily revised every six months in accordance with the decision taken by MCL’s officials.

The coal company has kept the transportation charges unchanged at INR 43/MT for the displace slab of 0-3 km.

For a distance of more than 3 km and not more than 10 km, the company has increased transportation charge by INR 4/MT to INR 74/MT. While for 10-20 km slab, an increment of INR 2/MT was recorded from the previous revision.

In cases, where coal is transported for more than 20 kms to the loading point, transport charges would be payable at actual basis, to be borne by the purchaser.

MCL has stated that the revised charges would be implemented from 00.00 hrs of 1 Aug’19.

Slab Applied STC Charges Previous Charges
0-3 km 43 43
3-10 km 74 70
10-20 km 145 143

STC-Surface Transportation Charge
Cost in INR/MT

Earlier, MCL had also hiked the reserve price for different coal e-auctions at the beginning of FY20. For Special forward and Exclusive e-auction, reserve price was increased from 10% to 20% over the CIL notified price. While for spot e-auctions, the upper cap on CIL notified price was raised from 20% to 30%.


China Books 44,000 MT Billets from Iran

According to market sources report to SteelMint, China has booked around 44,000 MT billet from Iran this week. The deal value was reported to be USD 390/MT FoB Iran for which landed price would come around USD 440-445/MT, CFR levels

Earlier this month also, China had booked around 200,000-300,000 MT from Qatar and Iran at USD 440-450/MT CFR.

This week Iranian billet export offers reported identical as last week; USD 390-395/MT, FoB. The country’s export market sentiments remained supported on the back of a deal to China.

The prime reason for China importing billets is government of China has imposed environmental restrictions on blast furnace production. To fill this gap left by billet production cuts of BF grade, Chinese steel manufacturers have now start importing billets from Qatar & Iran.

There were talks yesterday that Tangshan has drafted a plan to extend anti-pollution production curbs throughout August.The Tangshan Ecology and Environment Bureau have reported to the municipal government to issue the “Intensified Management and Control Plan for Air Pollution Prevention and Control in the City in August”, which will limit the production of the steel industry up to 50%, and take effect from August 1 to August 31.

Yesterday, China’s domestic billet prices in Tangshan was assessed at RMB 3,640/MT (including 13% VAT) which would come around USD 530/MT.


35,200 MT Bulk Ferrous Scrap Import Vessel Reported at Indian Port

This is 4th bulk scrap import vessel to India for the month of July.

As per vessel lineup data maintained with SteelMint, India’s fourth bulk ferrous scrap import vessel has been reported so far in the month of July 2019 at Kandla port. As per updates, a vessel named ‘Hoihow’ carrying 35,200 MT of ferrous scrap from USA is expected to arrive at berth on 31st Jul’19. If sources are to be believed, this mixed cargo comprises of Shredded, HMS 1&2 and Bonus scrap and has been booked by two of prominent west coast based steel makers in collaboration.

Notably, bulk scrap imports of 138,260 MT in Jul’19 hit highest in 2019 as July month historically remains one of the favorite months for Indian steelmakers in order to prepare for post-monsoon activity and on expected pickup in end-user and automobile demand in the country. Thus, total bulk imports in Jul’19 may jump almost four-folds or 260% M-o-M as against just 38,420 MT ferrous scrap observed in Jun’19.

During Jan-Jul’19, 7 bulk vessels of ferrous scrap by West Coast-based Indian steelmakers have been reported at Kandla port with a total of 291,590 MT ferrous scrap imported from the prominent supplier yards in USA, Netherland, UK and Russia. However, on yearly premises, import volume witnessed a decline of 25% against 386,681 MT imports recorded during the same period last year.

Indian imported scrap prices under pressure on weak domestic fundamentals – Indian market continues to observe lowering steel prices over the month on dwindling end-user demand in both construction and automobile sectors. On the other hand, domestic melting scrap prices likely to remain rangebound. As per sources, offers for Shredded scrap are hovering in the range USD 310-315/MT, CFR while HMS from different origins is being offered in a range of USD 280-300/MT, CFR depending on quality, however, very limited deals in containers observed amid less viability and still lower buying interest among steelmakers.

Indian bulk scrap import vessel line up – July’19

Vessel Name Quantity in MT Arrival Date Status Load Country Port
Rubina 38,560 2-Jul’19 Berth USA Kandla
Ocean Lady 31,500 22-Jul’19 Berth Russia Kandla
Handy Stranger 33,000 29-Jul’19 Berth USA Kandla
Hoihow 35,200 31-Jul’19 Expected USA Kandla

Source: SteelMint Stats & Ports Data


How far has China come in Production of Large-sized UHP grade Electrodes?

According to the equipment classification standard of China Iron and Steel Association (CISA), the electric furnaces are classified based on the sizes: 100 tonnes and above as the leading level, 75 to 99 tonnes as the advanced level, 60 to 74 tonnes as the general level, and the electric furnace below 60 tonnes as the backward level.

As per the estimates, in 2017-18, China has added 170 electric furnaces out of which 43 of them are of more than 100 tonnes capacity accounting for 25%. Given the high production efficiency and sustainability, the large-sized electric furnaces are going to grow and with the development in steelmaking technology especially wide application of DC (direct current) arc steelmaking, the demand for large-sized UHP grade electrodes is set to increase in China. In the case of steelmaking in EAFs of 75 tonnes and above, UHP grade electrodes of size 550-700mm are required.

Before the supply-side structural changes in China in the latter half of 2017 that led to the closure of small polluting GE units and promotion of electric furnaces for steel manufacturing, there were not many manufacturers in China that produced UHP grade 600mm and above sized electrodes. However, with the large-scale transformation in China’s electric furnace steelmaking facilities, increase in market demand, and improvement in China’s GE technology and quality, few Chinese manufacturers have started production of large-sized UHP grade electrodes of size 700mm. This list of companies producing 700mm electrodes in 2018 includes Fangda Carbon, Kaifeng Carbon, Jilin Carbon, Nantong Yangtze, Sichuan Zhaogang, and Henan Kefeng. However, in 2019 the manufacturers that were added in the above list includes Dandong Xingxing, Shnxi Hongte, Sim Donghai, Jie Xizhi, and Guanhan Shida.

In just over a year, the number of manufacturers producing UHP700mm graphite electrodes in China has increased by 83%. However, these companies have not ventured into large-sized GE production in the time span of just one year but have put in years of technical research and experience. It has been reported that in 2019, several of these new companies have supplied their products to downstream steel mills and the user feedback is good.

The GE prices in China especially that of small-sized electrodes have been falling since the start of 2019, however, the price of large-sized UHP grade electrodes (600-700mm) have remained stable in the range of RMB 55,000 – 80,000/MT in last four months. With the production of good quality large size GE, the Chinese companies are also venturing in the overseas market, thus giving competition to their global peers. However, as per the market sources, although competition has just started in 700mm and above size GE domain in the global market, the Chinese electrodes still do not match the quality of large-sized electrodes produced especially by the Japanese manufacturers.


INDEX LAUNCH NOTICE: SteelMint launches Pellet Index

Following a market survey between May-July, SteelMint proposes to launch an index for pellet on a DAP (Delivered Price – Plant site) in Raipur basis. The index will be published as INR per tonne twice every week on Tuesday & Friday. The publication time is 18:30 hrs on IST.

This is the beta version. SteelMint will continue to monitor changes in the pellet markets and will adjust its methodology as per market dynamics.

Why PELLEX? India has installed pellet capaci1ty of 85 MnT pa and an annual production of around 65-66 MnT. 5 major states – Odisha (28.9 MnT), Karnataka (19.5 MnT), Chhattisgarh (9.6 MnT), Jharkhand (8.4 MnT) and Andhra Pradesh (8 MnT) – covers around 85-90% of the capacity. Based on the above we have chosen Raipur as our index base as this market seems more active from a domestic merchant trading perspective along with exports. Also, Chhattisgarh has a good base for sponge iron makers (DRI) who procure a decent amount of pellets.

These factors have led SteelMint to launch this index of PELLET on DAP Raipur basis.

The proposed specifications, along with delivery terms were devised following consultation with market participants. They are as follows:

1. Fe Content – Fe 63-64%
2. Combined Silica & Alumina – 7%
3. Trade Size – 2,500-10,000 MT
4. Payment terms – Advance

Today’s market sentiments-:

As per the market report, transaction for 5,000-6,000 MT reported at INR 6500-6600/MT (DAP Raipur) a couple of days back. Raigarh based pellet maker concluded pellet deal to Raipur for INR 6,000/MT (ex-plant) recently.

One export deal for 50,000 MT (>2%) was concluded at USD 135/MT, CFR China (equivalent to USD 119-120 FoB India). As per SteelMint methodology, pellet export rate has been normalized for standard grade pellets at USD 117-118/MT FoB.

Buying interest heard for small quantities to satisfy the urgent and immediate needs of the raw material. Some DRI plants have Pellet/ Lumps stock in hand and are not interested to buy at the current offer

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