Metal stocks proved to be the best returners in the pandemic-shaken 2020-21 fiscal year. Analysts now believe the bull market is likely to continue with prices in the metal stocks segment rising and demand in the sector increasing.
Strong rise in commodity prices and steel
The metals and mining sector also saw a strong rise in commodity prices, and steel was one of the best performing commodities in the just-ended fiscal year 2021.
The S&P BSE Metal Index has gained 176 percent over the past year.
Steel prices likely to rise again in April
While India’s HRC prices were flat in March 2021 and below the January 2021 peak, they rose 42% year over year.
In the short term, prices are expected to rise further in April 2021. Domestic demand is strong. Export prices from Vietnam have increased. Local Indian steel is currently cheaper than imported steel.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.