Domestic Steel Consumption Remains Strong: Motilal Oswal
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Motilal Oswal Report
We expect strong domestic demand and low finished steel inventory to support domestic steel prices.
India’s domestic steel consumption rose 9% YoY (3% month-on-month) to 9.97 million, the highest ever monthly consumption.
Declining exports and rising imports further indicate a strong rebound in domestic demand. Lower domestic steel inventory provides comfort on steel prices.
Domestic rebar prices, however, have come under pressure due to rising supply and softened demand in the construction segment, weighed by high prices of construction material such as cement and steel.
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