“The demand uptick in steel has taken everyone by surprise,” Amit Dixit, Research Analyst at Edelweiss Institutional Equities said in an interview to CNBC-TV18.
According to him, steel prices are seeing unseasonal strength, and Q3 earnings are going to be a blockbuster for steel companies.
“The hot-rolled coil (HRC) is already at Rs 46,500 per tonne on an average and I won’t be surprised if it hits a new high,” said Dixit.
Edelweiss Institutional Equities likes Tata Steel and SAIL in the steel sector.
For entire interview, watch video