The market update for India in October 2021, with a focus on the construction sector, is as follows.
- India’s crude steel production fell by 4% from 9.9 million MT in Aug 2021 to 9.5 million MT in Sep 2021.
- TMT rebar prices increased by Rs. 5,000 to Rs. 80,500/- per ton in October 2021. The market saw healthy demand, combined with uncertainty about supplies.
- Prices of cement also increased substantially by 10% to Rs. 435 per bag in October 2021. Increasing raw material prices and high demand contributed to this increase.
- Crude Oil prices continued their steady climb in October 2021 due to supply concerns. Prices reached USD 83.1 per barrel in October 2021, an increase of 52% since Feb 2021.
- The benchmarks stock market indices, BSE Sensex and Nifty 50, increased by ~ 0.3 marginally in October-2021 and reached all-time highs.
- The Consumer Confidence Index of the RBI increased from its all-time low of 48.5 in May 2021 during the second wave of the pandemic to 57.7 in Sep 2021. This indicates a recovery in the economic outlook in the eyes of consumers.
- Gold prices increased in October significantly by 4% to Rs. 4,731 per gram at the end of October.