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Motilal Oswal Report
Year-end liquidity tightening and multiple public holidays kept the trade in the steel sector subdued. Domestic hot rolled coil prices in March were flat at Rs 60,260/tonne (up 1% month-on-month). However, recently, tier-I domestic steel mills announced their fourth HRC/CRC price hike of Rs 1,000-1,500/tonne.
Because of the month-end announcement, the positive impact of this price hike is expected to reflect from this week onwards.
Post roll back of export duty in November 2022, steel manufacturers resumed exports. Steel manufacturers are focusing on European markets (52% of export volumes), where they command higher premiums. HRC export prices in March 2023 improved $10/tonne month-on-month to $712/tonne.
Indian auto volumes also improved YoY, further driving steel volumes. Steel companies are expected to post record volumes on the back of robust steel demand from infrastructure, construction, and the auto sector.
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