Steel Sector Check - Demand Surges In 2023, Prices To Rise In High Input Costs: CareEdge

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .CareEdge Research Report.The domestic steel production and consumption grew by 5.7% and 11.5%, respectively, on a YoY basis during the first nine months of FY23 (April-December). Steel exports declined sharply by 54% YoY in nine months- FY23 due to weak global demand and an export duty of 15% imposed on steel products from May 2022 to November 2022. India became a net importer of steel with a 38% decline in exports YoY during Q3 FY23. During the same period, imports grew by 70%.In November 2022, the government has withdrawn the export duty on steel products, iron ore lumps and fines (less than 58% iron content) and iron pellets, while the export duty of iron ore lumps and fines (more than 58% iron content) has been reduced from 50% to 30%. The reversal of the export duty hike is expected to boost the Indian exports of steel products in the near to medium term.International steel prices are expected to remain elevated due to high input costs, primarily iron ore and coking coal, and the ongoing geopolitical crisis. Domestic prices are also demonstrating an upward trend in line with global prices supported by healthy domestic demand..Click on the attachment to read the full report:.Metals Q3 Results Preview - China Opening, USD Peaking To Support Base Metals, Steel Prices: Axis Securities.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Steel Sector Check - Demand Surges In 2023, Prices To Rise In High Input Costs: CareEdge

Domestic prices are also demonstrating an upward trend in line with global prices supported by healthy domestic demand.

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