The market update for India in February 2021, with focus on construction sector, is as follows.
- Crude Steel production reached 10 million tons in January 2021. This is higher than the production achieved during any month of the previous year.
- After a steep increase in the previous three months, prices of TMT rebars fell by over 4% in February 2021.
- After holding steady in a close range for a few months, cement prices also fell by Rs. 10 per bag in February 2021.
- Crude Oil prices continued their uptrend. Prices reached USD 62.28 per barrel in February 2021, an increase of 55% since October 2020.
- Post the correction in January 2021, stock market indices continued their recent uptrend with an increase of around 7%. One of the key drivers of the rally was positive reception of the Union Budget.
- Consumer Confidence Index of RBI continued its recovery from the bottoming out in September 2020, increasing by 11% since that time.