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ICICI Securities Report
Cyclicality will eventually manifest it, higher prices will lead to demand destruction sooner than expected and regional demand disappointment will lead to the next round of steel price correction.
Till then, as steel prices globally show strength from their already record high levels, we keep our ratings unchanged on Tata Steel Ltd. and Jindal Steel and Power Ltd.
We reinitiate coverage on Steel Authority of India Ltd.
We do see the current environment as being controlled and devoid of adequate risk perceptions.
Strong Chinese demand along with capacity cuts helped another round of FY22 earnings upgrades.
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