Tata Steel - On Strong Footing: ICICI Direct
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ICICI Direct Report
Tata Steel Company Ltd. is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum.
Over the last few days, Indian steel prices have witnessed a softening trend. Domestic hot rolled coil prices have declined from Rs 67500/tonne as on November 30, 2021 to Rs 65500/tonne on December 09, 2021. Along with steel prices, prices of key inputs such as coking coal have also witnessed a falling trend.
China recently cut its reserve requirement ratio by 50 basis points to boost its economic growth. This cut in reserve requirement ratio for major commercial banks will be effective from December 15, 2021. This step to cut the ratio augurs well for Chinese steel demand, in general.
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