India's metal stocks jump on China steel output cut, growth projection

Steel Authority of India

05/03/2025 06:48

** India's metal stocks .NIFTYMET jump ~3.3%, top Nifty sectoral gainer

** Metal stocks see best intra-day percentage jump since January 14

** Top producer China said on Wednesday it would restructure its giant steel industry through output cuts

** Tata Steel TISC.NS up 4.3%, Steel Authority of India SAIL.NS up 3.3%, NMDC NMDC.NS up 3.2%, JSW Steel JSTL.NS up 2.5%

** China's exports were putting pressure on global steel prices, Aditya Welekar, analyst with Axis Securities tells CNBC-TV18

** Output cut from China will ease glut and support steel prices for Indian companies - Welekar

** China on Wednesday also said it expects economy to grow by 5%

** Welekar says China's growth projection positive for entire metals sector as it is the largest consumer of metals

** Metals index marginally down YTD vs 5.5% drop in benchmark Nifty 50 index .NSEI

 (Reporting by Sethuraman NR in Bengaluru)

 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))