Metal Stocks Outlook
Seen down as weak demand keeps steel prices low
This story was originally published at 21:48 IST on 25 July 2025
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MUMBAI – Indian steel stocks are likely to continue to bear pain next week due to weakness in steel prices amid sluggish demand in domestic markets following the early onset of the southwest monsoon. However, steel prices are likely to bottom out in the near term, an analyst at a domestic brokerage said.
With the anti-dumping duty nearing its expiry date, concerns about cheaper imports from China, which has been a worry for Indian steel players, will continue to weigh on prices, analysts said. India had imposed 12% safeguard duty on imports, applicable for 200 days, with effect from Apr. 21, to protect domestic players from cheaper Chinese products.
As India's steel exports to the US are minimal, there is unlikely to be much impact of US tariffs on Indian metal companies, the analyst said. Except for a possible rise in coking coal prices due to supply-side constraints in Russia, a major exporter of the commodity to India, there are no major negative triggers for domestic steel companies, the analyst said.
Investors will also watch out for details about the 50% import levies on copper scheduled to be imposed by the US on Aug. 1. The European Union and the US are inching towards a trade deal that could include a 15% baseline tariff on EU goods exported to the US, domestic brokerage Angel One said in a report.
A gradual improvement in domestic demand is expected from Oct-Dec, driven by a potential revival in government infrastructure spending and recovery in retail consumption, Udit Gajiwala, lead analyst at YES Securities, said in a research report. Retail consumption has remained weak for several quarters.
Market participants will also assess the earnings of Steel Authority of India, released late Friday. The June quarter earnings of steel companies that have disclosed their earnings so far are seen to have been relatively good on a quarter-on-quarter and year-on-year basis, the analyst said.
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Following are the resistance and support levels for key metal stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Hindalco Industries | 693.45 | 2.60 | 704.30 | 682.60 |
| Hindustan Copper | 259.00 | (-)4.00 | 278.90 | 245.70 |
| Hindustan Zinc | 439.20 | 0.90 | 449.80 | 432.10 |
| Jindal Steel & Power | 1,000.15 | 4.50 | 1,010.60 | 985.10 |
| JSW Steel | 1,026.90 | (-)0.70 | 1,042.20 | 1,012.40 |
| Jindal Stainless | 656.05 | (-)3.00 | 678.10 | 642.80 |
| National Aluminium Co. | 193.66 | 3.00 | 201.70 | 189.10 |
| NMDC | 71.65 | 0.30 | 73.60 | 70.30 |
| Steel Authority of India | 130.67 | (-)4.20 | 138.10 | 126.40 |
| Tata Steel | 161.43 | (-)0.60 | 164.60 | 159.50 |
| Vedanta | 443.55 | (-)0.50 | 454.00 | 437.30 |
| Nifty Metal | 9425.10 | (-)0.40 | 9650.60 | 9293.60 |
| Nifty 50 | 24837.00 | (-)0.50 | 25088.60 | 24680.60 |
| BSE Sensex | 81463.09 | (-)0.40 | 82315.30 | 80971.60 |
End
Reported by Simran Rede
Edited by Rajeev Pai
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