Subdued demand reduced freight rates for mining, cement, steel in November: Crisil

Source :IANS
Author :IANS
Last Updated: Mon, Dec 6th, 2021, 08:26:13hrs
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New Delhi: Freight rates for mining, cement, and steel have seen some corrections on-month in November as infrastructure-building activities were subdued, ratings agency Crisil said.

However, the fall in rates is not significant in comparison with the reduction in duties for diesel.

"But this correction is not significantly more than the fall in diesel price in the case of cement. The situation needs to be monitored for the next one-two months," it added.

The Centre on November 3 reduced excise duties on petrol and diesel by Rs 5 and Rs 10, respectively. Taking cues from the Centre, some states too followed suit.

Notably, since November 3, prices of diesel across the country have been largely steady.

On the other hand, freight rates essentials such as 'FMCG/FMCD' (fast moving consumer goods and fast moving consumer durables) remained relatively "resilient" in November.

"After the festive stock-up, freight rates for discretionary goods such as auto carriers and textiles are seeing more pressure compared with other sectors," the agency said.

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