On a global scale, the production of crude steel increased by
6.6% in July, reaching 158.5 million tonnes compared to 148.9 million tonnes
during the same period last year. For the January-July timeframe, steel
production in the top 63 nations, accounting for 97% of global steel output,
recorded a marginal 0.1% decline, totaling 1103.2 million tonnes. Notably,
China, the largest steel producer, contributed to this growth, producing 90.8
million tonnes in July, marking an 11.5% increase compared to the previous
year.
From a technical standpoint, the market exhibited signs of long
liquidation, characterized by a drop in open interest by -6.98% to settle at
2000, coupled with a price decrease of -90 rupees. Key support is expected at
46150, and a breach of this level might lead to a test of 45970. Conversely,
resistance is anticipated at 46460, and an upward movement could push prices
towards testing 46590.