 "Steel companies have taken price hikes of Rs 3,000-3,500/t since the last week of July")
Beaten down metal stocks, such as Tata Steel Hindalco, Vedanta, and JSW Steel, have seen a sharp reversal in their trading pattern and have surged up to 141 per cent between March and August, 2020. Supported by strong domestic demand in China, increase in raw material prices, healthy exports, and rebound in domestic demand, global brokerage Morgan Stanley believes the Indian steel industry's profitability cycle is turning faster with a sharp rebound in 2Q itself. Furthermore, it expects profitability to bottom out in 1Q and improve to previous peak levels of the steel cycle by Q4FY21.
In a report dated
