Coal price hike knocks down steel scrips

DALAL STREET SPIKES

After yesterday's respite, steel stocks were again under selling pressure with steel major Tisco and Steel Authority of India losing at close.

Market analysts said, on Wednesday selling in steel counter was more amid concerns that manufacturing cost may rise with hike in coal prices.

Steel shares were already in the selling mode on Monday (June 14) on reports that the steel ministry has mooted a proposal to set up an independent regulator to monitor and fix steel prices.

A regulator, in place, may affect the pricing power of steel makers. However, bargain hunting at the lower levels triggered a rebound in the stocks on Tuesday (June 15).