Motilal Oswal - MOSL: METALS WEEKLY: Domestic steel mills hike prices by INR500-1,000/t

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Motilal Oswal

Vishal Chandak

EUR 120.00 For Business Accounts Only

MOSL: METALS WEEKLY: Domestic steel mills hike prices by INR500-1,000/t

. METALS WEEKLY: Domestic steel mills hike prices by INR500-1,000/t

Highlights for the week

Domestic steel mill announced a hike of INR500-1,000/t in the first week of Sep’22, following up on an INR500/t hike taken towards the middle of Aug’22. Retail inventory remains low, while OEMs have stocked up in anticipation of strong festive demand.
China was closed for a large part of the week owing to the golden week holidays, which led to a flare up in COVID-19 cases.
The total spends on travel and festivities during the golden week holidays in China were pegged at USD40b. The same fell to less than 50% vis-à-vis the same period in CY21 (~USD90b), reflecting a continued slowdown in China.
Total rail trips are down 30% and theatre ticket sales down to one-third during the golden week holidays as COVID-related restrictions dimmed holiday spending.
In aluminum physical market, the Asian physical benchmark premium MJP (Major Japanese port) fell 33% in the Oct-Dec’22 period to USD99/t as the slowdown in China continued to impact demand for aluminum.

11/10/2022 36 EN

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Motilal Oswal

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Analysts

Vishal Chandak

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MOSL: METALS WEEKLY: Domestic steel mills hike prices by INR500-1,000/t

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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