Steel stocks advanced as India has become world’s second largest steel producing country, while China is the largest producer of crude steel accounting for more than 51 per cent of production, according to World Steel Association (worldsteel).
Tata Steel is currently trading at Rs. 450.05, up by 4.40 points or 0.99% from its previous closing of Rs. 445.65 on the BSE. The scrip opened at Rs. 444.50 and has touched a high and low of Rs. 452.05 and Rs. 443.15 respectively. So far 162335 shares were traded on the counter.
JSW Steel is currently trading at Rs. 270.55, up by 2.85 points or 1.06% from its previous closing of Rs. 267.70 on the BSE. The scrip opened at Rs. 270.00 and has touched a high and low of Rs. 273.00 and Rs. 265.30 respectively. So far 87578 shares were traded on the counter.
Steel Authority of India is currently trading at Rs. 46.55, up by 0.40 points or 0.87% from its previous closing of Rs. 46.15 on the BSE. The scrip opened at Rs. 46.00 and has touched a high and low of Rs. 46.75 and Rs. 45.60 respectively. So far 196931 shares were traded on the counter.
India’s crude steel production in 2018 was at 106.5 MT, up by 4.9 per cent from 101.5 MT in 2017, meaning India has replaced Japan as the world’s second largest steel producing country. Japan produced 104.3 MT in 2018, down 0.3 per cent compared to 2017.
