More Stories

Informist, Friday, Jan. 10, 2024

MUMBAI – Shares of metal companies are likely to face selling pressure next week amid concerns related to their December quarter earnings. Analysts expect steel companies to report subdued operating profit due to poor product prices. 

Metal stocks were down this week amid uncertainty around Donald Trump's tariff policies, who will take charge as US President from Jan. 20. The imposition of a 12-15% anti-dumping duty against imports is the need of the hour, an analyst tracking the metal sector at a broking firm said. He also said the government should not impose a 25% safeguard duty, as it may lead to higher raw material costs and give rise to inflation.

Non-ferrous companies are expected to perform better than ferrous companies as the latter faced headwinds such as soft pricing and poor demand from China. Domestic demand was under pressure at the start of the December quarter due to less construction and delay in government projects, brokerage Prabhudas Lilladher said in a report on Thursday. 

Coking coal prices have declined 4% from the September quarter due to weak demand, which is expected to help negate the sharp fall in steel prices to some extent, the brokerage said. The brokerage expects domestic steel prices to improve as demand improves over the next few months, aided by the government's initiatives to stop subsidised dumping from China.

The Nifty Metal index fell 5.4% this week. Shares of Tata Steel were down 5.6% this week, and those of Adani Enterprises and Steel Authority of India fell 5% each.

TOP HEADLINES

* JSW Steel reports highest ever consol steel output; Oct-Dec output up 2% YoY
* Hind Copper appoints South West Mining to reopen Rakha mine in Jharkhand
* SPOTLIGHT: Steel majors studying revised PLI scheme for specialty products
* Hindalco arm Novelis says Oct-Dec EBITDA may fall on high scrap prices
* Hindalco arm Novelis prices $750 million 5-year senior notes at 6.875%
* Hindalco arm to issue $500 mln senior unsecured notes due in 2030
* Odisha plant boost pushes Tata Steel's India Oct-Dec output to 5.68 mln tn
* Shyam Metalics sells 7,889 tn of stainless steel in Dec, up 59% on year
* Govt launches new version of PLI scheme for specialty steel; open till Jan 31
* India ratings ups Lloyds Metals long-term ratings to 'AA'; outlook 'stable'
* Vedanta's aluminium output in Oct-Dec up 3% on year, alumina output up 7%
* Brijendra Pratap Singh appointed as CMD of NALCO

Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:

End

Reported by Akshita Kumar

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000/+91 (11) 4220

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.