Metal & mining stocks decline on weak Chinese economic data

Shares of eight metal and mining stocks dropped by 0.21% to 3.69% at 14:10 IST on BSE after China's imports tumbled at a greater pace in May, stoking concerns over a slowdown in the world's second largest economy.

Meanwhile, the BSE Sensex was down 233.77 points, or 0.87%, to 26,534.72.

Among metal & mining stocks, Vedanta (down 3.69%), JSW Steel (down 0.73%), Tata Steel (down 2.76%), Steel Authority of India (Sail) (down 2.43%), NMDC (down 0.21%), National Aluminium Company (down 2.19%), Hindalco Industries (down 0.92%), and Jindal Steel & Power (down 3.46%) edged lower. Hindustan Copper (up 2.39%) and Hindustan Zinc (up 0.21%) rose.

China's exports fell 2.5% in May 2015 from a year earlier in dollar terms, after a drop of 6.4% in April, data from the General Administration of Customs showed today, 8 June 2015. Imports in May 2015, fell 17.6% from a year earlier, compared with a 16.2% drop in April. China's trade surplus widened in May to $59.49 billion from $34.1 billion in April.

China is the world's largest consumer of steel, copper and aluminum.

Meanwhile, finance ministry has reportedly imposed anti-dumping duties ranging from $180 to $316 per tonne for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry. The anti-dumping duties will be effective for a period of five years.

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