Steel prices at historical highs despite Covid

By: |
May 24, 2021 6:45 AM

Steel consumption at 6.72mnt in Apr-21 was down 26% m-m (up 516% y-y) due to demand in key segments like auto and consumer durables being hit.

Consequently, crude steel production at 7.96mnt (up 142% y-y) was down 21% m-m in April.In response to the requests made by project authorities and a few major OEMs, the Chinese government has advised the steel producers strongly to curb steel production.

Domestic steel prices are at historical highs (HRC at Rs 66,000-67,000/t), despite demand being impacted as a result of local lockdowns across several states in view of the COVID-19 surge.

Steel consumption at 6.72mnt in Apr-21 was down 26% m-m (up 516% y-y) due to demand in key segments like auto and consumer durables being hit.

Consequently, crude steel production at 7.96mnt (up 142% y-y) was down 21% m-m in April.

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