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New Delhi: Steel companies in the country are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that <keyword id="24048830" type="General" weightage="20" keywordseo="Chinese-steel-exports" source="keywords">Chinese steel exports</keyword> reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. It said "Weak Chinese domestic demand along with higher Chinese exports has led to a decline in steel prices in India. Chinese steel exports from Jan'24 to Oct'24 stood at 92 MTPA, up 22 per cent YoY" In India, the average price of hot-rolled coil (HRC) steel in the trader's market in Mumbai fell by 8 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 51,802 per tonne in the second quarter of FY25. Spot prices have further declined to Rs 49,000 per tonne, 5 per cent lower than the Q2FY25 average. The report also noted some signs of recovery in China's residential property sector, with increased transactions in major cities following policy measures aimed at boosting demand. However, challenges remain, as the three-month moving average of year-to-date floor space declined by 19 per cent year-on-year in September 2024, remaining in negative territory. It said "China's residential property sector is showing some signs of improvement with the transactions in major cities rising after recent policy measures introduced to boost demand". On the global front, the report noted that the probability of a 25-basis point rate cut by the US Federal Reserve in its December 2024 meeting has fallen to 58.9 per cent, down from 76.8 per cent in October 2024, owing to strong economic data from the US. Additionally, China has removed a 13 per cent export rebate on aluminum and copper, effective December 1, 2024, in response to anticipated tariff measures by the new US administration. These developments highlight the ongoing challenges and potential shifts in the global and domestic steel and metals markets.

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

<ul class="summary-list"><li><keyword id="11935793" type="UNKNOWN" weightage="60" keywordseo="north-korea" source="Orion">North Korea</keyword>'s huge <keyword id="11538186" type="UNKNOWN" weightage="60" keywordseo="crypto-hack" source="Orion">crypto hack</keyword> marks a new era in cybersecurity threats. </li><li>"If there was ever a doubt that hacks were not tied to <keyword id="11922549" type="UNKNOWN" weightage="60" keywordseo="national-security" source="Orion">national security</keyword>, that's been resolved," a <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> expert told Insider. </li></ul>US authorities this week tied North Korean hackers to the historic $625 million <a href="https://markets.businessinsider.com/news/currencies/axie-infinity-hack-ronin-network-crypto-adoption-eth-blockchain-2022-4">Axie Infinity crypto swindle</a>, with the massive hack signifying the emergence of a new type of national security threat, according to a blockchain expert.On Thursday, the US Treasury Department added an Ethereum wallet address to its sanction list after the wallet facilitated transfers for more than $86 million of the stolen funds.The hacking outfits Lazarus and APT38, both linked to North Korea, were behind the theft, the FBI said in a statement, and the funds are generating revenue for Kim Jong Un's regime.Ari Redbord, head of legal and government affairs at blockchain research firm <a href="https://www.trmlabs.com/">TRM</a>, says the attack shows that even a nation as isolated as North Korea can participate in new-age cyber-warfare."Over the last few years many hacks have been perpetrated by North Korea," Redbord told Insider. "But the magnitude of <a href="https://markets.businessinsider.com/news/currencies/crypto-hack-ronin-network-heist-cybercrime-cryptocurrency-axie-infinity-polynetwork-2022-3?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">this one</a> shows things have moved from small exploits to true national security concerns. It's staggering — bank robbery at the speed of the internet." For years, North Korean actors have been responsible for cyberattacks, including a high-profile hit against <a href="https://www.justice.gov/opa/pr/north-korean-regime-backed-programmer-charged-conspiracy-conduct-multiple-cyber-attacks-and">Sony</a> in 2014. But groups like Lazarus have grown increasingly sophisticated and ambitious. Meanwhile, businesses within the nascent <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> sector are still finding their footing when it comes to cybersecurity, which makes them vulnerable to hacking groups which are continuously honing their tactics. "North Korea realized a hack against an online retailer was one thing, but going after crypto exchanges is a more effective way to fund destabilizing activity at a very low cost to them," Redbord said. The country was an early adopter of <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> money laundering, he added, and there's no sign it's bad actors will slow their efforts since it's proven to be extremely profitable. What's more, Redbord noted that social engineering attacks, such as the <a href="https://markets.businessinsider.com/news/currencies/axie-infinity-hack-ronin-network-crypto-adoption-eth-blockchain-2022-4">Axie Infinity infiltration</a>, are becoming more advanced. These hacks aren't a consequence of simple, mass-phishing emails, he explained, but nuanced and targeted strikes on specific individuals. <h3>The new digital battlefield</h3>While North Korea has an extremely small economy and limited infrastructure, it has proven it can participate in cyber-warfare at a scale similar to global superpowers like the US and China. The <keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> hack in particular reinforced Redbord's belief that the scale of digital attacks are climbing at such a rate that a new type of warfare is emerging. "Over the last year or so, we've moved from a post 9/11 world into a new digital battlefield," Redbord said. "Nation-state actors know to go after crypto businesses to fund real weapon proliferation, it's not just some hackers trying to fund a lifestyle."North Korea's use of the group Lazarus confirms that the country's isolated status and lack of modern infrastructure doesn't hold it back from participating in cyber warfare on the world stage, Redbord explained.The cryptocurrency industry is an excellent target for these attacks because of the volume of transactions and funds being moved every day, but also because the businesses aren't fully mature and may still be developing their own cyber security protocols. Unfortunately, this means many firms often do not have the most up to date security measures in place, Redbord said. "It comes down to hardening cyber defenses. We're still in a world where these companies are learning how to protect themselves, and now we've seen that a small group is responsible for crypto's largest hack." he said. "If there was ever a doubt that hacks were not tied to national security, that's been resolved."

A blockchain expert explains how North Korea's $625 million crypto hack presents a new national security threat — and why it marks a shift in the global 'digital battlefield'

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Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

ANI

A blockchain expert explains how North Korea's $625 million crypto hack presents a new national security threat — and why it marks a shift in the global 'digital battlefield'

Phil Rosen

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