HSBC Covers Top Indian Steel Companies for First Time, Says Industry in Golden Development Window

HSBC Bank covers several leading steel companies in India for the first time: JSW Steel is rated as a buy with a target price of 1460 Indian Rupees; Jindal Stainless is rated as a buy with a target price of 880 Indian Rupees; Jindal Steel is rated as hold with a target price of 1280 Indian Rupees. The bank stated that the steel industry is currently in a great period of prosperity, with key support factors including: clear long-term demand prospects, implementation of import protection policies, and stable balance sheets of companies. It is pointed out that the expansion of steel production capacity is unable to keep up with the growth in demand, leading to continuous increase in product prices and profit margins in the industry.