Business Standard

India's steel companies leading metals towards best rally in decade

The S&P BSE Metal Index has surged by around a third so far in the three months through December, jumping the most since the quarter ended June 2009

steel, exports
Premium

Steel prices have soared on the back of reviving demand, especially in China, and also due to iron ore bursting past $170 a tonne on concerns of supply shortage in Brazil and Australia, the top exporters

Swansy Afonso | Bloomberg
The country’s steel makers are on course to leading the BSE’s metal index to its biggest quarterly gain in more than a decade, on the back of recovery in consumption and surge in prices across the globe.

The S&P BSE Metal Index has surged by around a third so far in the three months through December, jumping the most since the quarter ended June 2009. 

Metal companies are in an earnings upcycle after two years of downgrades, and steel demand as well as pricing have improved sharply, according to a Jefferies Group LLC report this month.

Shares of the country’s oldest steel mill,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 25 2020 | 12:43 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com