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Dolat Capital Report
We recently downgraded our estimates for the coverage companies to factor in the impact of confluence of negatives like-
govt intervention into the steel and iron ore space in terms of increasing export duties,
rise in bond yields which means lower multiples for equity valuation,
destocking of the value chain due to higher odds of a recession in the U.S./Europe,
last but not the least, impact of Zero covid policy lockdowns in China.
As near term demand has been impacted, the forward curve for metals like aluminum have moved into contango, which is a bearish sign.
Since our last note, there has been further erosion in the prices of underlying commodities/spreads due to the same reasons discussed above. We have further cut our estimates for the coverage companies to factor in the latest prices.
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