With China cutting capacity and a material surge in Chinese exports unlikely, broking house expect domestic prices to remain firm, closer towards a floor price of USD 489/t.
Input costs were a key driver of steel prices, while iron ore prices should remain under pressure given weak fundamentals, according to Jefferies report.
"SBI Cap is the transaction advisor while Luthra and Luthra Law Offices is the legal advisor," a source privy to the development said.
Mitessh Thakkar of mitesshthakkar.com suggests selling RBL Bank, Zee Entertainment and advises buying Cholamandalam Investment and Dabur India.
"Coal import (all type of coals) in May 2017 stood at 18.15 MT (provisional), against 19.38 MT in May 2016," according to mjunction services, an online procurement and sales platform floated jointly by SAIL and Tata Steel.
The firms like SAIL and Tata Steel are expected to drive the steel output growth, according to the report by BMI Research, a Fitch group company.
Output in May was 8.163 MT, up 2.2 per cent, from 7.989 MT a year ago, as per the latest Joint Plant Committee (JPC) report.
Rajat Bos of rajatkbose.com suggests holding Ramco Cements.
On the back of higher revenues, the public sector enterprise narrowed its net loss from Rs 1,184.64 crore recorded in the year ago period, the company said in a BSE filing.
The government has selected SBI Capital Markets, ICICI Securities, Citigroup Global Markets India, Goldman Sachs and Deutsche Equities to advise it on sale of its shares in IOC, according to two officials representing the merchant banks which participated in the process.
"The ArcelorMittal and SAIL joint venture is in final stages and is progressing fast. The project may be finalised this month," Singh said while addressing media on three years initiatives and achievements of the steel ministry.
VK Sharma of HDFC Securities advises buying Steel Authority of India (SAIL) 62.5 Call at Rs 1.5.
"To get higher returns from GoI (Government of India) investments, DIPAM asks CPSEs to follow guidelines on capital restructuring and expedite exemption proposals," DIPAM Secretary Neeraj Kumar Gupta tweeted.
"Cumulative expenditure (by SAIL) for various modernisation and expansion packages till December 2016 has been Rs 64,562 crore, including expenditure of Rs 2,324 crore during the financial year 2016-17 till December 2016," according to a latest government report.
V Srivatsa, Executive VP & Fund Manager, UTI MF believes the government should have gone the ETF way instead of stake sale of PSUs to reduce the impact on stock prices.
Kicking off the divestment process for the current financial year, the government has cleared the sale of stakes in multiple state-owned companies.
President Pranab Mukherjee today said days are not far off when India's economy will be among the top five in terms of absolute value and several glorious chapters will be added to the country's PSUs in the future.
Amid challenging market conditions, state-owned SAIL today said it would make every possible effort to boost its profitability.
Steel Authority of India (SAIL) is aiming double digit growth in 2017-18 by greater synergy amongst various units that would result in maintaining traction of the previous fiscal.
Steel Minister Chaudhary Birender Singh said the country's steel output is at around 120 million tonnes and the government is aiming to achieve 300 million tonnes by 2030.
Mitessh Thakkar of miteshthacker.com suggests buying Wockhardt and Steel Authority of India.
State-run SAIL has recorded an 8 per cent growth in total sales at 13.14 million tonnes in FY 2016-17.
The government has set up a committee to suggest measures to fast-track the ramping up of modernisation of the steel sector public sector firms -- SAIL and RINL.
India has set up an expert panel to help revive its loss-making state steel maker after a government review found the company to be far less efficient than its rivals despite spending more than USD 10 billion in the past eight years.
"Despite an investment of around Rs 400 crore, VISP (Visveswaraya Iron and Steel Plant) is making losses for last 10 years," Minister of State for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha.