Steel Sector:

Average domestic HRC price is up 1.5%, compared to previous week, at INR37,475/t---the highest level in the past five months.

Sharp uptick can be attributed to: 1) restocking in traders’ market ahead of expected price hike in January 2020; and 2) rise in export volumes & limited imports. On the longs front, the secondary rebar market has witnessed a sharp 12% price uptick in the past month to INR35,230---the highest level since June 2019.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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