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24.09 - 17:43
Global steel demand needs revival for domestic prices to rise
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₹56,800 per tonne, up by nearly 1% versus the average in August. It is likely that the weakness in domestic steel price has bottomed out.
On the flip side, if the monsoon picks up in the coming days, then it would have a bearing on the construction activities. Moreover, the cost of coking coal, an important raw material, has increased month-on-month in August by 9% to $253 per tonne, according to CoalMint.
Thus, the benefit of the slightly higher steel prices on the margins of steel companies could be offset. To be sure, a pickup in the global demand may support a meaningful rally in the domestic steel price, which could cheer investors.Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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