Steel Sector - Strength In Steel Prices Augurs Well For Domestic Players: ICICI Direct
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 Direct Report
Domestic steel prices have witnessed strong traction over the last eight to nine months, registering a sharp increase in the aforementioned period.
Currently, domestic hot rolled coil prices (excluding Mumbai) are at Rs 62,500/tonne, up 71% from the July 2020 low of Rs 36,500/tonne.
Healthy traction was witnessed in international steel prices also.
Over the last three months, Chinese steel HRC export price has increased by 35% to $890/tonne in April 2021 from $660/tonne in January 2021.
Healthy demand both on the global as well as domestic front has aided this uptick in steel prices auguring well for steel players.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.