Steel Sector - Strength In Steel Prices Augurs Well For Domestic Players: ICICI Direct
A worker walks over bundles of steel pipe stacked at a stockyard. (Photgrapher: Qilai Shen/Bloomberg)

Steel Sector - Strength In Steel Prices Augurs Well For Domestic Players: ICICI Direct

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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:

ICICI Direct Steel Sector Update.pdf

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