Steel sector stocks are trading higher despite rating agency Crisil’s statement that domestic iron ore prices are likely to rise by 3-4% in 2019 on account of global supply glitch.
Jindal Stainless is currently trading at Rs. 35.45, up by 0.55 points or 1.58% from its previous closing of Rs. 34.90 on the BSE. The scrip opened at Rs. 35.20 and has touched a high and low of Rs. 35.55 and Rs. 35.00 respectively. So far 14270 shares were traded on the counter.
Steel Authority of India is currently trading at Rs. 48.95, up by 0.45 points or 0.93% from its previous closing of Rs. 48.50 on the BSE. The scrip opened at Rs. 48.55 and has touched a high and low of Rs. 49.00 and Rs. 48.15 respectively. So far 234595 shares were traded on the counter.
Tata Steel is currently trading at Rs. 506.90, up by 1.05 points or 0.21% from its previous closing of Rs. 505.85 on the BSE. The scrip opened at Rs. 505.80 and has touched a high and low of Rs. 508.50 and Rs. 502.05 respectively. So far 123974 shares were traded on the counter.
This would have a direct bearing on 62 percent of the steel production that is based on supply from merchant miners. Further, domestic steel prices are likely to soften following global cues.
