India’s steel imports increased this week for the first time since November and Thomson Reuters warns that copper is still oversupplied and recent price increases will eventually be lost.
Indian Steel Imports
India’s steel imports increased 18% in March, snapping four straight months of falls, provisional government data showed, on the back of deals struck before the government imposed a price floor in February to curb cheap imports.
Last week, the government extended safeguard taxes on some steel products until March 2018, and in February imposed a floor price on imports to deter countries such as China from undercutting local mills.
Copper Still Oversupplied
Copper prices are expected to slide below January’s six-and-a-half-year lows, hit by a lack of production cutbacks and weak demand in the world’s biggest metals consumer China, GFMS analysts at Thomson Reuters said.
The benchmark copper price on the London Metal Exchange has bounced 10% since touching a low of $4,318 a metric ton on Jan. 15, but it is due to resume its downtrend, GFMS said in its Copper Survey 2016 report