Source: Best Oasis According to Best Oasis, “global crude steel production dropped 5% year-over-year in April 2024 to 155.7 million tonnes, with China seeing a significant 7.2% decrease.

Conversely, India and Germany reported increases of 3.6% and 6.4%, respectively.

Production fell across several key nations, including Iran, South Korea, and Russia, with modest declines also in the US, Japan, and Brazil. Regionally, Africa and the EU saw slight production gains, while most other regions experienced declines. Despite this, the World Steel Association forecasts a 1.

7% increase in steel demand this year, expecting further growth in 2025. Oil prices are experiencing their first decline in two weeks, with consecutive session losses leading to multi-month lows. The downturn is driven by concerns over prolonged high U.

S. interest rates potentially stifling demand in the world’s largest oil market. Contributing to the bearish sentiment, the EIA ( Energy Information Administration) reported an unexpected rise in U.

S. crude inventories, countering predictions of a significant draw. This situation is exacerbated by ongoing uncertainties about whether current interest rates will suffice to curb persistent inflation, potentially hampering economic activity and reducing oil demand”, Best Oasis said.

Source: Banchero Costa In a separate report this week, shipbroker Banchero Costa said that it was “a quieter week across the subcontinent markets. With local fundamentals looking fragi.