UPWARD REVISION IN STEEL PRICES FOR OCT-DEC’23 PERIOD
News: As per media sources, steel companies are looking at upward revision in steel prices for Oct-Dec’23 period with major Automobile players.
Views: Some OEMs did indicate marginal uptick in steel prices in the near term (during last quarter concall’s), however were confident of overall blended commodity costs being stable amidst drop in precious metal prices. With some OEM’s also indicating price hikes starting Jan’24 we expect this development to be largely neutral with minimal impact on overall profitability for domestic automobile companies.
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