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Metal stocks recover

Sowmya Sundar

Metal stocks staged a recovery last week after a prolonged decline during the previous weeks. As fears of lower offtake from China started wearing off, metals stocks were once again in the limelight. Steel stocks across the board such as Tata Steel, SAIL, Essar Steel, Jindal Iron, made smart gains. Jindal Iron gained over 12 per cent. Others such Hindalco, Nalco and Sterlite, too, gained. Reports that demand from China is stabilising and will not result in overcapacity boosted confidence in these stocks. Moreover, the prices of raw materials had cooled off while steel prices had remained firm.

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