Steel Industry Update And Outlook For FY22: CARE Ratings
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CARE Ratings Research Report
The second half of the Covid-19 struck financial year 2020-21 saw an unprecedented rally in domestic steel prices which seems unstoppable even in the current FY22.
Domestic flat steel - hot rolled coiled prices are up 40% since April 2020 and prices of long steel- thermo-mechanically-treated are nearly 30% higher as on March 2021.
Steel prices continue to set new record highs month after month. In April 2021, domestic steel players announced further price hikes by up to Rs 1,000-2,000 per tonne in HRC and around Rs 3,000 per tonne in cold rolled coil.
HRC are offered at Rs 59,700-60,000 per tonne in April 2021, up from Rs 36,950 per tonne in April 2020.
This is the highest level seen since 2008, the year of the financial crisis.
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