will government's massive surge in investment ... - Myiris.com
will government's massive surge in investment ... - Myiris.com
will government's massive surge in investment ... - Myiris.com
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Apr-Jun 2013 Earn<strong>in</strong>gs Preview<br />
Ch<strong>in</strong>ese steel prices (<strong>in</strong>clud<strong>in</strong>g 17% VAT) fell 10% QoQ or US$66/t at US$594 on<br />
account of weak demand, policy tighten<strong>in</strong>g by Govt to cool down the property rates<br />
and severe de-stock<strong>in</strong>g.<br />
Ch<strong>in</strong>a HRC price<br />
700<br />
(US$ / tonne)<br />
650<br />
600<br />
550<br />
500<br />
450<br />
Jun-12<br />
Jul-12<br />
Aug-12<br />
Sep-12<br />
Oct-12<br />
Nov-12<br />
Dec-12<br />
Jan-13<br />
Feb-13<br />
Mar-13<br />
Apr-13<br />
May-13<br />
Jun-13<br />
Source: Bloomberg, PL Research<br />
In tandem with the fall <strong>in</strong> steel prices, average for the spot iron ore prices (CIF Ch<strong>in</strong>a)<br />
fell 15% QoQ or US$22/t at US$126 on account of weak Ch<strong>in</strong>ese demand and<br />
<strong>in</strong>creased ore supplies.<br />
Indian orig<strong>in</strong> Iron Ore (63% Fe) Export Prices (CIF) to Ch<strong>in</strong>a<br />
160<br />
150<br />
(US$ / tonne)<br />
140<br />
130<br />
120<br />
110<br />
100<br />
90<br />
80<br />
Jun-12<br />
Jul-12<br />
Aug-12<br />
Sep-12<br />
Oct-12<br />
Nov-12<br />
Dec-12<br />
Jan-13<br />
Feb-13<br />
Mar-13<br />
Apr-13<br />
May-13<br />
Jun-13<br />
Source: Bloomberg, PL Research.<br />
July 8, 2013 127
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