The market update for India in May 2022, with a focus on the construction sector, is as follows.
- India’s crude steel production fell by 7.3% from 10.9 million MT in March 2022 to 10.1 million MT in April 2022.
- TMT rebar prices decreased steeply from Rs. 8,005 to Rs. 91,500/- per ton in May 2022. This is due to the imposition of duty on exports and higher interest rates.
- After a substantial jump in March 2022, cement prices fell steeply to Rs. 440 per bag in May 2022.
- Crude oil prices in India rose significantly by 5.8% from USD 108.4 per barrel in April 2022 to USD 115.1 per barrel in May 2022.
- The benchmarks stock market indices, slipped by ~ 2.8% in May 2022. This is due to rising inflation and increasing interest rates globally.
- The Consumer Confidence Index of the RBI increased to 75.9 in May 2022, continuing its rise that began in the middle of last year.
- Gold prices decreased marginally by 2.6% to Rs.4,775 per gram in the month of May 2022.
