Chakraborty bullish on steel

Abhijit Chakraborty of Edelweiss Capital has been very bullish and continue to maintain his positive stance on steel.

Chakraborty told CNBC-TV18, "We have been very bullish and continue to maintain our positive stance on steel. We think there is a structural demand uptick in steel, which is going to last as long as there is huge amount of infrastructure spending happening in Middle East, Asia and even South American countries. So on steel we are very positive irrespective of the fact that there are local concerns on steel prices structurally as a metal we are positive on that."

He further added, "The other metals we are not so very positive from a longer-term perspective but we possibly think that supplies are going to exceed demands and there is expectation of a price softening happening towards the latter part of the year."