From JSW to Tata, steel stocks gain on easing concerns and steady demand

Brokerages remain positive on profitability of Indian manufacturers

Steel companies’ share prices, under pressure in the recent past on worries related to demand and falling prices, rebounded on Thursday. 

Those of JSW Steel and Tata Steel, which had fallen 16-26 per cent from their September highs, gained up to 3 per cent. Jindal Steel (JSPL) which had seen a 52-week low on Wednesday, gained about 2 per cent.

The Street’s concern was due to global demand slowing on the back of an escalating trade war and declining prices in both China (the top global consumer) and international markets. However, experts feel these concerns were overdone. With strong demand momentum, they