The market update for India in June 2022, with a focus on the construction sector, is as follows.
- India’s crude steel production increased substantially by 4.7% from 10.1 million MT in Apr 2022 to 10.6 million MT in May 2022.
- TMT rebar prices decreased steeply by Rs. 8,500 to Rs. 83,000/- per ton in Jun 2022. The reduction was due to a fall in global steel prices and the imposition of export duty in India.
- Cement prices continued their recent downward trend; dropping from Rs. 455 per bag in Apr 2022 to Rs. 430 per bag in Jun 2022, a drop of 5.5%.
- Crude oil prices in India rose by 6.1% from USD 115.1 per barrel in May 2022 to USD 122.2 per barrel in Jun 2022. This is the highest level this year.
- The benchmarks stock market indices again slipped by ~ 4.7% in Jun 2022. Selling by Foreign Institutional Investors (FIIs) contributed to this trend.
- The Consumer Confidence Index of the RBI consistently improved since Sep 2022 to an all-time high of 75.9 in May 2022
- Gold prices decreased marginally by 2% to Rs.4,683 per gram in the month of Jun 2022.