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Steel sector valuations have to pass the China stress test

China’s efforts to cool down metal prices could pose a risk to the high valuations being given to steel stocks

June 29, 2021 / 08:30 AM IST
Steel sector valuations have to pass the China stress test

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Recently, renowned investor Rakesh Jhunjunwala put his weight behind steel stocks--a sector in which he is invested—by saying that the commodity upcycle is here to stay and that if cement stocks can be valued at 30-40 times earnings, then why should steel shares not trade at higher multiples. While the steel-cement divide is another debate, a big difference between the two is unlike steel prices that are linked to international prices, cement is not since imports are not a...

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