Shares of metal companies reeled under selling pressure on February 10 after US President Donald Trump threatened to impose 25 percent tariff on all imports of steel and aluminium later today.
Trump, speaking to reporters aboard Air Force One on Sunday, announced that the tariffs would apply to metal imports from all countries. However, he did not specify when the duties would take effect. While the Trump's overall tariff ambitions remain uncertain, his threats have raised concerns over the disruption in metal supply and demand in the global markets.
Likewise, prominent metal names like Tata Steel, JSW Steel and Hindalco Industries slipped around 3 percent in trade, grabbing a seat on the list of worst Nifty 50 performers today. Other names like Steel Authority of India, Vedanta, NMDC, NALCO and Jindal Steel were also down 3-4 percent. The Nifty Metal index also tanked over 2 percent, making it the worst hit sectoral index.
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| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Vedanta | 435.60 | -4.43 | 4.40m |
| SAIL | 105.51 | -4.36 | 5.56m |
| Tata Steel | 133.30 | -3.62 | 11.25m |
| JSW Steel | 950.85 | -3.05 | 715.31k |
| NMDC | 64.70 | -2.94 | 6.36m |
| NALCO | 194.65 | -2.91 | 1.88m |
| Hindalco | 591.40 | -2.63 | 1.40m |
| Jindal Steel | 822.40 | -2.62 | 548.76k |
| Jindal Stainles | 628.40 | -2.13 | 156.21k |
| Ratnamani Metal | 2,713.25 | -2.09 | 4.55k |
Moreover, with restricted access to the US market, global metal producers may struggle with excess supply, driving down prices and profitability. These factors collectively contribute to a selloff in metal stocks as investors fear adverse impact on revenue and earnings for the sector.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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