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Crude prices are extending gains over two year high as the oil producing nations remain optimistic on demand. WTI crude prices are up by over 2% and Brent crude marched above $70 a barrel at close for the first time since 2019.
Crude prices which are hovering around the highest level since October 2019 have already gained 40% this year. Supporting the price despite increase in supply from OPEC+ nations is the delay in Iran talks. Supply from Iran is unlikely to ener the market before August as talks on the nuclear accord continued to be delayed.
This rise in crude prices spells bad news for importing nations such as India where fuel prices are already at record high across the nation.&nbsp;

Crude oil surges to 2 year high, expect further hikes in fuel price

Crude oil surges to 2 year high, fuel prices expected to rise further hitting new record highs at the pump

Crude prices are extending gains over two year high as the oil producing nations remain optimistic on demand. WTI crude prices are up by over 2% and Brent crude marched above $70 a barrel at close for the first time since 2019.
Crude prices which are hovering around the highest level since October 2019 have already gained 40% this year. Supporting the price despite increase in supply from OPEC+ nations is the delay in Iran talks. Supply from Iran is unlikely to ener the market before August as talks on the nuclear accord continued to be delayed.
This rise in crude prices spells bad news for importing nations such as India where fuel prices are already at record high across the nation.&nbsp;

Steel prices are likely to see a hike of &nbsp;Rs 3,250-10,000/t across flat&nbsp;steel/coated products in India in the coming week&nbsp;as per channel checks done by brokerage house Morgan Stanley.&nbsp;This price hike would make domestic prices come closer to the price of imported steel which is still about 5% higher. &nbsp;Domestic hot-rolled coil (HRC) prices are at a multi-year high of Rs 67,000 per tonne in February from Rs 39,200 per tonne in March 2020. Since October, prices of HRC have increased by about 54% but still trail the global steel rally.&nbsp; Landed cost of HRC (hot rolled coil) from China still remains higher at Rs 77,000 a tonne and seen a big rally over the last two sessions.
This translates to bad news for steel input users such as the auto companies that are seeing input cost pressures rise in a low demand period. Auto makers had begun to pass on the cost to customers via price hikes in April but room for increases remain limited in the current weak demand phase. 

Steel price hike coming, bad news for auto companies

Steel stocks see profit booking, Channel checks suggest price hike coming this week as global steel prices continue to rally.&nbsp;

Steel stocks see profit booking, price hike on the anvil

Steel prices are likely to see a hike of &nbsp;Rs 3,250-10,000/t across flat&nbsp;steel/coated products in India in the coming week&nbsp;as per channel checks done by brokerage house Morgan Stanley.&nbsp; This price hike would make domestic prices come closer to the price of imported steel which is still about 5% higher. &nbsp;Domestic hot-rolled coil (HRC) prices are at a multi-year high of Rs 67,000 per tonne in February from Rs 39,200 per tonne in March 2020. Since October, prices of HRC have increased by about 54% but still trail the global steel rally.&nbsp; Landed cost of HRC (hot rolled coil) from China still remains higher at Rs 77,000 a tonne and seen a big rally over the last two sessions.
This translates to bad news for steel input users such as the auto companies that are seeing input cost pressures rise in a low demand period. Auto makers had begun to pass on the cost to customers via price hikes in April but room for increases remain limited in the current weak demand phase.

commodity rally

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