Global steel prices have corrected 28 percent over the past 6 months, while domestic steel prices are down 7-14 percent. In an interview to CNBC-TV18, RK Goyal, MD, Kalyani Steel, discusses on the outlook for steel prices going ahead.
Facing issues led by dumping of finished products from international markets
RK Goyal
MD
Kalyani Steel
Below is the transcript of RK Goyal's interview with Sumaira Abidi and Reema Tendulkar on CNBC-TV18.
Reema: Domestic prices while they have fallen, they are still lagging the fall that we have seen in international steel prices. Do you expect domestic steel prices to come under further pressure from now?
A: First of all the correction in raw material prices, what has happened globally has not happened in India particularly in iron ore prices. While global iron ore prices have come down from almost USD 110 per tonne to USD 50 per tonne while in India it is only come down by few Rs 100 per tonne as there is a shortage of iron ore in the country and fairly large number of mines are still closed after the ban by Supreme Court. So, the cost in India has not gone down to that extent. There is tremendous pressure because of dumping by various countries including China and due to that pressure maybe some minor correction will be done subsequently.
Kalyani Steels stock price
On April 09, 2015, at 14:13 hrs Kalyani Steels was quoting at Rs 144.20, down Rs 1, or 0.69 percent. The 52-week high of the share was Rs 179.10 and the 52-week low was Rs 58.85.
The company's trailing 12-month (TTM) EPS was at Rs 18.46 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.81. The latest book value of the company is Rs 91.13 per share. At current value, the price-to-book value of the company is 1.58.
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