Metal prices will decrease, will these products be cheaper? ICRA estimates – pressure will be seen on the prices of non-ferrous metals in India
The international prices of base metals have declined by 25-40% so far in FY2023.
Metals like zinc, aluminium, copper and nickel may see pressure on prices: ICRA
With the fall in the prices of aluminum, the prices of manufacturing goods may see a decline.
New Delhi. In the coming days, metal prices may see pressure in the country and due to this, due to the fall in the price of non-ferrous metal, the prices of many products may come down. Rating agency Icra on Monday said it expects the road ahead for the primary non-ferrous metals industry to be difficult due to the ongoing fall in metal prices in the current financial year and a challenging operating environment due to increased coal cost.
The rating agency also expects the demand for non-ferrous metals in the domestic market to grow at a rate of 5-6% in FY2023. Because that is the government’s emphasis on infrastructure development along with the boom in the real estate industry.
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Will everyday things be cheaper?
Non-ferrous metals such as zinc, aluminium, copper, tin and nickel are used to make things used in everyday life. If the prices of these metals come down, then consumers will get its direct benefit. With the fall in the prices of aluminum, the prices of manufacturing goods may see a decline.
According to the rating agency, the international prices of base metals have declined by about 25-40% so far in FY2023 as compared to the record high in March 2022. While metal prices were under pressure since the end of May 2022, the second quarter of FY2023 saw a major correction. When prices fell by 18-20% one after the other.
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Keeping an eye on metal prices, the rating agency said that global non-ferrous metal demand is likely to be negatively impacted in the current year 2022 due to weak global cues, easing demand for sugar and continuing monetary policy tightening in major global economies. Due to which there will be pressure on metal prices. The Gross Domestic Product (GDP) and Purchasing Managers’ Index (PMI) figures for the major global economies for the recent quarter also continue to reflect macro-economic concerns.
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Tags: rating, Share market, Tata steel
FIRST PUBLISHED : September 26, 2022, 17:42 IST