Steel stocks drop on weak Chinese economic data

Shares of four steel companies shed by 0.13% to 1.46% at 13:35 IST on BSE after a raft of subdued economic data in China.

Meanwhile, the BSE Sensex was up 145.79 points, or 0.54%, to 27,360.13.

Among shares of steel manufacturing companies, Jindal Steel & Power (down 0.13%), Tata Steel (down 1.46%), Steel Authority of India (SAIL) (down 0.36%), and JSW Steel (down 0.95%), edged lower. Bhushan Steel rose 0.74%.

The latest data today, 19 October 2015, showed that China's economy grew 6.9% in Q3 September 2015 from a year ago, lower than 7% growth registered in Q2 June 2015. China's industrial production rose lower-than-expected 5.7% in September 2015 over September 2014. Fixed-asset investment (FAI), a key driver of the economy, also registered a lower-than-expected 10.3% growth in the first nine months of the year. Retail spending alone bucked the trend, growing at an annual rate of 10.9%.

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

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