Metal Stocks Outlook for the week – 26 to 30.09.2016
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Likely to continue rising next week
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The rise in stocks of major metal and mining companies is likely to sustain in the coming week as impact of government measures to limit imports into India is helping domestic companies. The index has risen 53% since September 2015. Market participants would be eyeing any development related to imposition of anti-dumping duty on certain steel products. Earlier this week Steel Secretary Aruna Sharma had said that the government would further prune the list of steel products under minimum import price and levy anti-dumping duty on them instead. The anti-dumping duty is likely to be levied in the next one or two weeks. The government had imposed minimum import price on 173 steel products in February for six months. On Aug 4, the government removed minimum import price for 107 specific items, and simultaneously imposed anti-dumping duty on broader categories of hot-rolled and cold-rolled products. A dampener for metal stocks could be the sharp rise in prices of coking coal that can reduce competitiveness of the steelmakers. Prices of coking coal, a crucial raw material used in the production of steel, has shot up to $200 per tn, a nearly 80% rise over the last month. India imports most of its coking coal requirement. Vedanta is the top pick in the metals and mining space.
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