ThesisSarda Energy & Minerals: the story is balanced — Domestic steel prices and spreads versus imported HRC/rebar (Chinese export pricing particularly influential)
value - Stock trades at 3.2x P/S and 11.2x EV/EBITDA, below global steel peers…
Rising interest rates negatively impact steel demand through two channels: (1) higher construction financing costs reduce real estate…
Watch on earnings: Indian HRC and rebar spot prices (Mumbai/Raipur markets) versus import parity, Chinese steel export volumes and pricing (Mysteel indices), Indonesian thermal coal prices (ICI-4 benchmark) for non-captive power costs.
One Sentence Summary:
Sarda Energy & Minerals: the story is balanced — domestic steel prices and spreads versus imported hrc/rebar (chinese export pricing particularly influential).
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