Metal Sector Q4 Earnings Preview - 2021 Ends On A High Note: Motilal Oswal
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Motilal Oswal Report
Strong demand surge for metals globally further boosted prices during the quarter gone by.
In Q4 FY21, average aluminum/zinc prices rose 9%/4% QoQ, whereas India rebar/hot rolled coil prices rose by 17%/19%.
Steel volumes for our coverage universe are expected to rise by 14% YoY (1% QoQ) on strong demand and low base in Q4 FY20.
On the cost front, coking coal prices rose by 21% QoQ to $143/tonne CNF India. However, the full impact in cost would not be realized during Q4 FY21 due to a lag effect.
Strong rebound seen in London Metal Exchange base in earlier quarters continued in Q4 FY21 as well.
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