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Select steel stocks rise on prospects of more price hikes, tight supply

Global commodity prices have surged in the past month owing to sanctions imposed on Russia by several advanced countries following its invasion of Ukraine.

New Delhi / March 28, 2022 / 10:16 AM IST
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Shares of select steelmakers were in the green on March 28 on prospects of further price hikes in the coming months.

At 10:00 am, shares of Ratnamani Metals, Tata Steel, and JSW Steel were up 0.2-1 percent on the National Stock Exchange.

The sector got a fillip after brokerage Phillip Capital in a note said that JSW Steel has raised price of Hardness Rockwell C grade steel prices by Rs 2,000 per tonne on March 25 after raising prices by Rs 1,500 per tonne earlier in the month.

The successive price hikes have come after a momentary pause in price increases by steel companies due to softening global commodity prices prior to Russia’s invasion of Ukraine last month.