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Systematix Research Report
The pricing buoyancy witnessed in metals and allied raw materials (barring iron ore) in H2 FY21 has flowed through H1 FY22.
Demand has recovered steadily and the pricing of most metals is now higher than in Q1 FY22; exit prices are also above the Q1 FY22 averages and significantly higher YoY, implying sustained strong near-term earnings growth momentum.
International benchmark sea-borne iron ore prices have crashed by about 40% since May 2021 due to weak steel production in China.
Consequently, domestic iron ore prices have also corrected but are relatively less impacted.
Domestic steel prices have been muted compared to Q1 FY22 and there has been a divergence between flat and long products.
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