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Our outlook for metal stocks under coverage remains cautious to negative for CY21. We rate all metal stocks at either hold /reduce /sell. The current margins, valuations clearly tell a story of caution.

Chinese demand stimuli, artificial raw material shortages through restrictions on scrap imports (helping all the commodities – iron ore and aluminium in particular) sustain the rally for now.

Deleveraging, as a theme, is important but overhyped given such cyclically high margins, valuations.

Click on the attachment to read the full report:

ICICI Securities Metals Sector Outlook.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

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