India’s steel consumption was flat during the first four months of the current fiscal, showing just just 0.2% growth year-on-year at 24.1 million tonne (MT), on poor off-take by large sectors like construction and automobiles. Finished steel consumption, a key pointer to the health of a country’s economy, was at 24 MT during the April-July period of last fiscal, data compiled by joint plant committee, a unit of the steel ministry, has revealed. Subdued consumption by the construction and automobile sectors was due to economic slowdown, said an industry official, adding that things are likely to be better after the monsoon season.
Indonesian palm oil exports holding near 2-month low
Palm oil shipments from Indonesia, the biggest producer, were probably little changed last month from the two-month low in June as higher local prices lured importers to cheaper supplies from Malaysia rose. The country shipped 1.62 million metric tonne from 1.619 million tonne in June, which was the lowest level since April, according to the median of estimates from two traders, two plantation company executives and an industry group official compiled by Bloomberg. Output rose 0.8 %to 2.4 million tonnes. Reserves fell 2.1 %to 2.35 million tonnes, the lowest since June 2012, the median of four estimates showed.
Futures traded in Kuala Lumpur dropped 20 %in the past year, plunging to the lowest level in more than three years last month, as global supplies of the most-consumed cooking oil exceed demand. While that trimmed prices in Indonesia, they were still higher than those in Malaysia.