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ICICI Securities Report
Hot rolled coil prices in the traders' market rose slightly by Rs 270/tonne in the week ended August 30, 2023 on expectations of demand pick-up and low channel inventory.
Spot spread however edged slightly lower as coking coal prices also rose by USD 2/tonne week-on-week. In longs, major steel producers hiked prices for the third time during the month as secondary rebar prices are up 10% month-on-month on an average.
India's export prices rose by USD 10/tonne week-on-week though overall prices in South-East Asia remained stable week-on-week. Market participants await export volumes and production curtailments in China.
On the domestic side, we remain optimistic due to improving margins – with Jindal Steel and Power Ltd. ('Buy', target price: Rs 810), Tata Steel Ltd. ('Add', target price: Rs 135) and Steel Authority of India ('Add', target price: Rs 100) as our key picks.
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