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Motilal Oswal Report
The global banking crisis, which gripped the USA and Europe, has had large adverse effects on the public sentiments, dragging down the metal prices globally.
Hot rolled coil price in China was down 2% to $630/tonne and SHFE too witnessed a drop of rmb142/tonne (down 3% week-on-week).
Though the banking turmoil caused ripples in the international metal market, the prices in the domestic market remained stable week-on-week. The bleak global outlook triggered by the banking crisis coupled with year-end liquidity issues, and multiple festivals in March 2023 such as Holi, Navratri, and Ramadan have kept the buying interest at trade levels low. This has drifted the steel sector to ‘wait and watch' mode.
Rebar price has been continuously under pressure with price corrections stretching almost seven weeks in a row. Prices have corrected from Rs 63,500/tonne in February 20'23, to Rs 60,300/tonne as on date.
The price correction is due to low buying interest from project segment which had stocked up inventory from start of Jan-Feb. Over the last two months, the rebar market has been dull with rebar trading almost equal to that of HRC.
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