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Motilal Oswal Report
Domestic steel producers have raised hot rolled coil and cold rolled coil prices for October 2020 deliveries.
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Domestic HRC prices now stand at Rs 43,000-43,500/tonne whereas CRC prices stand at approximately Rs 52,000/tonne.
On cumulative basis, steel mills have hiked HRC steel prices by Rs 7,000-7,500/tonne since July 2020.
The improved demand outlook is driven by strong recovery in automotive, consumer durables and other white goods.
We believe the robust demand in flat rolled steel is also driven by replenishing of inventories by end-users amidst tight supply of HRC, even as inventories remain low in the system.
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Further, export commitments of domestic steel mills for October 2020 delivery are further likely to keep the supply situation tight in India.
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