Tata Steel CEO says prices to ease in Q2
The Hindu
Tata Steel expects lower steel prices in India and Europe in Q2 due to falling coking coal prices. Talks with U.K. Govt. to seek support for transition to green steel are ongoing. Tata Steel also in talks with BHP Group to explore decarbonisation projects.
India’s Tata Steel Ltd. expects lower steel prices in the July-September quarter in India and Europe, aided by a fall in the prices of coking coal, a key raw material, its chief executive and managing director said on July 25.
“In India, the Q2 [July-September] realisation will be about 3,000-3,100 rupees per tonne [$36.65-$37.87] lower than Q1 [April-June],” T.V. Narendran told Reuters in an interview, adding that prices in Europe would be 38 pounds per tonne lower in July-September.
The company, backed by India’s Tata Group, sees Indian steel industry prices in line with prices globally and not impacted by aggressive imports, Mr. Narendran said.
China remained the second-biggest steel exporter to India in the April-June quarter, selling 0.4 million tonnes of the alloy, up 58% from the same period a year earlier.
Mr. Narendran said Chinese exports to India were “not yet a big threat”.
However, economic performance in China and India would likely steer prices during October-December, he added.
On Monday, Tata Steel reported a staggering 92% slump in first-quarter profit, hurt by lower alloy prices and expenses related to a pension scheme in Britain.
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