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Steel industry margins set to shrink: India Ratings

  • Friday, December 6, 2019
  • Source:ferro-alloys.com

  • Keywords:Steel industry margins, India Ratings
[Fellow]The agency’s views are based on its study of 38 listed and unlisted Indian steel companies.

 [Ferro-Alloys.comThe steel industry’s net leverage and interest coverage are likely to deteriorate in FY20 due to compressed EBITDA margins, due to a drop in realizations in the face of a demand slowdown and increase in raw material prices in FY20 on a YoY basis, India Ratings and Research (Ind-Ra) said in its latest report on the domestic steel sector.

However, EBITDA levels are likely to improve by Rs 1,500 per tonne in the current quarter (Q3FY20) due to marginal improvement in realisations. The agency’s views are based on its study of 38 listed and unlisted Indian steel companies. 

Prices of iron ore from the largest domestic miner, NMDC (Fines: Fe 64 per cent) reduced by Rs 500/tonne in mid-November 2019 as compared to July 2019. NMDC, cut prices by Rs 200/tonne per month in August and September 2019 and by a further Rs 100/tonne in November 2019. 

Coking coal prices remained highly volatile over July-November 2019, with prices being 33 per cent lower in mid-November 2019 as compared to April 2019. Ind-Ra said the fall in prices can be ‘largely attributed to low restocking needs in China amid negative market sentiments and improved coking coal supplies.’ (The Economic TImes)

  • [Editor:kangmingfei]

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