China’s Real Estate Stimulus Boosts Indian Steel Industry
Mumbai: Indian steel producers are seeing a positive impact from China’s real estate stimulus package, as Chinese steel prices have risen above domestic levels for the first time in months.
Chinese SteelIndian Steel MarketReal Estate StimulusSteel ImportsSafeguard DutyReal Estate MumbaiOct 21, 2024
Hot-rolled coil (HRC) from China is now being quoted at a premium of ₹3,000 per tonne over domestic prices, according to analysts at BigMint, a market intelligence firm. HRC is currently trading at around ₹48,500 per tonne in Mumbai.
The improvement in sentiment is driven by the recent stimulus package announced by the Chinese government for the real estate sector. This has bolstered the domestic market for steel in China, leading to higher prices. Prior to September, Chinese steel was being sold at a discount, putting significant pressure on Indian steelmakers and pushing domestic prices to their lowest levels in nearly four years.
\
Frequently Asked Questions
What is the current impact of China’s real estate stimulus on Indian steel prices?
China’s real estate stimulus has led to a rise in Chinese steel prices, which are now above domestic Indian prices, providing a relief to Indian steelmakers.
What is the current price of hot-rolled coil (HRC) in Mumbai?
The current price of HRC in Mumbai is around ₹48,500 per tonne.
How much steel is India importing from China?
Nearly half of India’s steel imports are from China, with imports in the first half of FY25 reaching about 5.1 million tonnes.
What is the Indian government planning to do to protect domestic steelmakers?
The Indian government is considering the imposition of a safeguard duty on steel imports and has also initiated an anti-dumping investigation into HRC imports from Vietnam.
What is the role of BigMint in the steel market?
BigMint is a leading market intelligence firm that provides analysis and insights into global steel markets, including pricing trends and regulatory developments.
Related News Articles
Unfair Tactics by Congress Government Trigger Real Estate Slump in Telangana, Claims KTR
Speaking to the Telangana Realtors Forum in Srinagar Colony, KTR accused the Congress government of using HYDRAA to extort money and intimidate builders, resulting in a downturn in the real estate sector.
Metal Stock Surges 10% Following MoU with Eltria Lands for Maharashtra Real Estate Project
Metal stock experiences a significant 10% boost after signing a Memorandum of Understanding (MoU) with Eltria Lands for a major real estate development in Maharashtra. This strategic partnership marks a pivotal step for the company, signaling its expansio
Rising Wealth in India Drives Up Property Prices
Explore how the increasing wealth of India's affluent class is fueling a surge in property prices across major cities, impacting the real estate market and investment strategies.
Real Estate Stocks Experience a Slight Decline in the Capital Market
Real estate stocks witnessed a minor dip as the BSE Realty index closed the day down by 64.03 points or 1.01% at 6276.72 at 13:47 IST. This trend reflects the current fluctuations in the capital market, signaling cautious investor sentiment.
Adani Goodhomes Wins Approval for Radius Estate Resolution Plan
The National Company Law Appellate Tribunal (NCLAT) has upheld Adani Goodhomes' resolution plan for Radius Estate
Delhi-NCR Sees Triple Growth in New Housing Supply in Q2, Says PropEquity
New launches of housing properties in Delhi-NCR estimated to triple in Q2 to 13,311 units, driven by strong demand and infrastructure development.