Steel Stocks Soar As China Plans To Cut Production
Domestic steel firms’ shares surged between 2%-7%; NSE Metal Index shoots 4% higher
Steel Stocks Soar As China Plans To Cut Production
Mumbai: The shares of steel companies in India on Wednesday saw a rise following China’s announcement that it would restructure its steel industry and reduce total steel output. This move is expected to decrease the dumping of cheap steel into the Indian market, providing a major boost to domestic steel companies.
Shares of Steel Authority of India (SAIL) surged 4.43 per cent or Rs 4.77 to closed at Rs 112.43 on the National Stock Exchange (NSE) during intra-day trading session. Tata Steel, one of the biggest players in the industry, saw its stock surge 4.55 per cent or Rs 6.34 to end at Rs 145.68. This price represents a strong recovery from its 52-week low of Rs 122.62, which it had hit in January this year.
Jindal Stainless Steel also saw a strong rise, with shares jumped 3.45 per cent or Rs 20.5 to finish the intra-day session at Rs 615.45. This increase follows a recovery from its 52-week low of Rs 568.05, which it hit in February 2025.
