Shares of select Indian metal companies have retreated up to 8 per cent in the last month, following a drop in the steel prices in global markets. Individually, Welspun Corp and Steel Authority of India dropped 8.5 per cent each, NMDC 4.9 per cent, APL Apollo Tubes 3.8 per cent, and Adani Enterprises 2 per cent in the last month. By comparison, the benchmark Nifty 50 has risen by 4.9 per cent.
Analysts expect the mining activity slowdown due to the monsoon, and price pressure to remain a challenge in the near term, thus, suggesting the exit of steel players.
"Weak global market sentiment and competitive Chinese pricing have kept export activity muted in June. With weak Flats pricing, we believe some domestic steel players' margins may not witness a significant uptick in Q1FY25 sequentially," said Tushar Chaudhari, lead research analyst, Prabhudas Lilladher, in a recent report.
This story is from the July 02, 2024 edition of Business Standard.
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This story is from the July 02, 2024 edition of Business Standard.
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