• Home
  • Contact Us
  • Privacy & Policy
Sunday, May 22, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Commodities

Rising steel prices to hit the auto and real estate sector hard

by admin
April 2, 2021
in Commodities
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


The continuing surge in global steel demand, production curbs in China, and high iron ore prices will together fuel another surge in domestic steel prices, according to analysts.

“We believe domestic hot-rolled coil (HRC) prices are likely to see two hikes in India: up to ₹4,000 per tonne now and another ₹2,000-3,000 per tonne in April,” Motilal Oswal Institutional Equities said on Thursday.

Anticipating HRC prices to go up by at least ₹3,500-4,000 per tonne in April, CARE Ratings on Tuesday added that “a ₹4,000 per tonne hike will take domestic HRC prices to ₹59,000-60,000 per tonne, which would be the highest level seen since 2008.”

The continuing surge in global demand and tightness in supply due to supply-side issues and production curbs in China has helped regional steel prices in Asia inch up further, Motilal Oswal said, noting that regional prices have risen 5-7 per cent week-on-week.

“Domestic HRC prices at ₹55,500 per tonne are trading at a discount of ₹9,000 per tonne to the landed cost of imports from Korea,” it added.

Steel prices in the world are at an all-time unprecedented high due to steep increase in the prices of iron ore and due to the strong growth in steel demand from China, India, the US, Europe and other emerging markets, as global markets recover from a year-long slowdown with the reopening of business activities and vaccination drive, CARE said.

Domestic steel prices remained relatively low in 2019 as well as until October 2020, when they began a sharp upward climb. Prices corrected slightly in February, before continuing their rally in March and now April.

At ₹55,500 per tonne, domestic steel prices have risen a steep 47 per cent since April last year, CARE noted, adding that the new rally will significantly hit the infrastructure and automobile industries. “The construction and real estate sector accounts for almost 55-60 per cent of total steel consumption followed by the auto sector, which accounts for 9 per cent,” it said.

“Most of the top auto manufacturers are expected to take a second price hike in the range of 1-3 per cent in April, after already having taken 3-4 per cent hike this year, to offset the impact of higher steel cost,” it added.

Even as steel consumers brace for another hit, stocks of domestic steel producers such as Steel Authority of India and JSW Steel have been rising sharply over the past few days.

Tags: autoautomobile industryestatehardhitironpricesrealreal estate sectorrisingsectorsteel
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

Stock Market News for May 20, 2022

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

Stock Market News for May 20, 2022

May 22, 2022
FOREX-Dollar firm as COVID-19 resurgence hits reflation trades

FOREX-Dollar clings to 20-year high ahead of U.S. inflation data

May 22, 2022

Worried About the Stock Market? Try Warren Buffett’s Investing Strategy | The Motley Fool

May 22, 2022
Erdogan says Turkey has raised forex swap deal with China to $6 bln

Is Bangladesh paying the price of administered forex regime?

May 22, 2022

Recent News

Stock Market News for May 20, 2022

May 22, 2022
FOREX-Dollar firm as COVID-19 resurgence hits reflation trades

FOREX-Dollar clings to 20-year high ahead of U.S. inflation data

May 22, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.