The market update for India in July 2022, with a focus on the construction sector, is as follows.
- India’s crude steel production fell by 4.7% from 10.6 million MT in May 2022 to 10.0 million MT in Jun 2021, the lowest in the past six months.
- After falling from April to Jun 2022, prices of TMT rebars rose by 0.6% in July 2022.
- Cement prices also rose by Rs. 5 per bag in July 2022 to reach Rs. 435 per bag.
- Crude oil prices slipped significantly by 8.4% as fears of a potential global recession spurred concerns about oil demand. Prices declined to USD 111.9 per barrel in July 2022.
- The benchmark stock market indices jumped significantly by ~ 8.6% in July 2022.
- The Consumer Confidence Index of the RBI has consistently improved since Nov 2022, reaching an all-time high of 77.3 in July 2022. An increase in CCI indicates that consumers are optimistic regarding their expected financial situation.
- Gold prices increased substantially by 8% to Rs. 5,056 per gram in the month of July 2022.