Steel Scrap & Metallics News Today

Recent surges in the Indian scrap market gave way to caution due to softening steel prices. May '24 saw volatility, yet prices remain relatively high, suggesting stability amid cautious optimism for future demand.

Today's South Indian ferrous scrap market saw a notable increase, with Lower to Medium grades rising by Rs. 1,000/ton and Higher Grades by Rs. 500/ton. Demand surged due to market optimism, while supply remained stable. Anticipated stability with significant MS scrap price increases.

India's domestic steel demand is predicted to grow 10% over the next few years, fuelled by the government's infrastructure focus, reveals Steel Secretary Nagendra Nath Sinha.

Nippon Steel aims to finalize US Steel acquisition in Q3/Q4 2023-24, thereby meeting high-grade steel demands in the US. This follows the European Commission's recent approval for the acquisition, aiming at mutual technical advancement.

Accelerated GDP growth in India will drive steel demand to exceed China's over the next 12-18 months, predicts Moody's. India's steel demand growth is forecasted at 5-7%, backed by a 6.6% GDP expansion in 2024-25.

India is advancing green steel project funding, favoring hydrogen over traditional coal methods, as a potential game changer. Discussions include potential lower interest rates for these capital-intensive ventures and tweaking existing bank financing rates.

Despite a monthly dip in China’s finished steel exports in April, the January-April period saw a 27% YoY increase. Meanwhile, April’s steel imports rose by 6.6% compared to March.

China's iron ore imports rose 7.2% YoY to 411.821 million mt in Jan-Apr 2021, pushed by increasing finished steel prices and resumed steelmakers' production. Conversely, post-Labor Day softening steel prices may influence upcoming trends.

ThyssenKrupp and EP Corporate Group plan a 50-50 venture for a greener steel industry, aiming for carbon neutrality. ThyssenKrupp to replace blast furnaces with direct reduced iron plants, leveraging green hydrogen from 2025 onwards.

JSW Steel plans to raise long-term funds in its upcoming board meeting on May 17, with options like a qualified institutional placement being considered. This, alongside discussions on dividends as well as Bhushan Power's capacity expansion.