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ICICI Securities Report
Hot rolled coil price in traders’ market rose for 11th week in a row to nearly Rs 58,000/tonne- the highest level since May 2023. Longs price in primary market rose further by Rs 500-600/tonne.
Our channel checks indicate demand has picked up steadily since August 2023, particularly in construction and infrastructure segments.
Furthermore, the delay in renewal of BIS licenses to companies especially from China and Vietnam imply that steel import volume- particularly for downstream products is likely to come off compared to H1 FY24.
In China, positive demand sentiment amidst production curbs prompts Baosteel to raise flat products’ prices by CNY 50-100/tonne for October 2023.
We retain positive outlook on ferrous space with Jindal Steel and Power Ltd. ('Buy'; target price: Rs 810) and Tata Steel Ltd. ('Add'; target price: Rs 150) being our key picks.
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