Even so, there is hope that the reopening of the key metals market, China, post the covid-induced lockdowns would boost demand for the two commodities. Some initial signs are encouraging. For instance, in February, China’s manufacturing Purchasing Managers’ Index (PMI) touched a 11-year high of 52.6. Further, the woes in the real estate sector appear to be bottoming out.
In this backdrop, China’s export hot rolled coil (HRC) steel price, a good indicator of global prices, has risen by 14% in 2023 so far, rebounding from a 23% decline last year. The Indian domestic markets reflect the same trend. The average price of HRC in March stands at ₹60,700 per tonne, up by 12.5% from December. In 2022, prices had fallen by 17.5%. Further, the average price of aluminium on the London Metal Exchange in the March quarter so far is about 5% higher sequentially on the hopes of improved demand from China.
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