Synopsis
Crude steel production in November grew by 6.6% year-on-year driven by 8% growth in China and 5.5% increase in Europe. This has increased the lead time or delivery time for finished steel creating shortage of the alloy.
ET Intelligence Group: Steel prices in China and the US are at a 12-year high while in most other markets including India, they have touched an eight-year high. While this should benefit the steel makers, a sharp jump in prices of iron ore, a major raw material, may spoil the party. Under such conditions, steel companies with captive iron ore mines stand to gain the most. Among listed steel companies on Indian bourses, Tata Steel looks better
BY
ET Bureau
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