Expectations Of An Extended Cyclical Recovery On Hyperbole As Steel Prices Resume Strength: ICICI Securities
Galvanized steel rolls. (Photographer: Andrey Rudakov/Bloomberg)

Expectations Of An Extended Cyclical Recovery On Hyperbole As Steel Prices Resume Strength: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Cyclicality will eventually manifest it, higher prices will lead to demand destruction sooner than expected and regional demand disappointment will lead to the next round of steel price correction.

Till then, as steel prices globally show strength from their already record high levels, we keep our ratings unchanged on Tata Steel Ltd. and Jindal Steel and Power Ltd.

We reinitiate coverage on Steel Authority of India Ltd.

We do see the current environment as being controlled and devoid of adequate risk perceptions.

Strong Chinese demand along with capacity cuts helped another round of FY22 earnings upgrades.

Click on the attachment to read the full report:

ICICI Securities Metals Sector Update.pdf

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