Data Monitor: Steel demand at an all-time high in January

By: |
February 22, 2021 8:38 AM

Domestic crude steel production rose 7% y-o-y (2% m-o-m) to 9.98 mt in the month.

However, he said that banks might change their outlook on the steel sector as Indian needs more steel and this would be possible with new capex budgets.However, he said that banks might change their outlook on the steel sector as Indian needs more steel and this would be possible with new capex budgets.

India’s domestic steel consumption rose 9% y-o-y (3% m-o-m) to 9.97 mt in January, the highest-ever monthly consumption. Declining exports and rising imports further indicated a strong rebound in domestic demand.

Domestic crude steel production rose 7% y-o-y (2% m-o-m) to 9.98 mt in the month.

 

Strong domestic demand and low finished steel inventory is expected to support domestic steel prices, Motilal Oswal has said.

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