India's metal stocks slip on firmer dollar, concerns over domestic steel prices

HindalCo Industries

21/11/2025 07:16

** India's metal index .NIFTYMET falls as much as 1.61% to a two-week low

** Metal is top sectoral loser by percentage on the day, pressured by firm U.S. dollar after data showing acceleration in jobs growth in September dampens hopes of an imminent Federal Reserve rate cut

** A stronger U.S. dollar makes commodities such as metals costlier for holders of other currencies MET/L

** Fourteen of the 15 constituents in metal index decline

** Hindalco HALC.NS sheds 2.2% after fire breaks out at unit Novelis' plant in New York

** Also weighing on sentiment, the union government extends exemption from mandatory quality control orders for select steel grades

** Extension is negative for domestic steel makers, as it keeps import channels open for certain grades, putting downward pressure on domestic steel prices, says ICICI Direct

** Metal index is up 18.4% in 2025 so far, outperforming the Nifty 50's .NSEI 10.6% rise, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))