Steel companies recover sharply on increased demand, rise in export price, benign input costs
CnbcTv18 - The metal sector has seen a sharp recovery on the back of improvement in domestic steel demand, an increase in the hot-rolled coil (HRC) export prices, and benign input cost. This has led the Nifty Metal index to surge around 35 percent in 3 months while the index gained over 48 percent since the month of April.
In the last three months, shares of Tata Steel rallied over 49 percent, JSW Steel surged over 45 percent while Jindal Steel & Power jumped 132 percent.
India’s finished steel production improved sequentially to 6.8 million tons in the month of July as against 6.1 million tons in June. Though it declined by 44 percent year-on-year YTD FY21 to 19.7 million tons.