Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Base metal prices have risen to multi-year highs, driving the BSE Metal index to a new all-time high of 3%. The BSE Metal index was the highest sectoral mover on the BSE. In the commodities market, basic metals saw a significant price increase in April. Copper was trading at a two-year high, Aluminium at its greatest level since June 2022, and Zinc at a one-year high.
In addition, India recently published solid economic figures showing that business activity reached a nearly 14-year high. The HSBC India Manufacturing PMI was 59.1 in April 2024, with manufacturing growth at a 16-year high.
Further, markets hope China's central bank will further ease policy in its bid to boost the economy. China is the world's second-largest economy and the largest consumer of base metals, and Chinese output tends to impact base metals significantly. Among the metal stocks in the BSE Metal index, SAIL stock was the top gainer, up over 8% at ₹165. SAIL was followed by NMDC stock, up 4.7%.
JSW Steel and Jindal Steel gained around 4% each. The Tata group mining major - Tata Steel, rallied over 3%. Hindalco stock gained 2.7%, while Vedanta and Jindal Stainless Steel added 2% each. Coal India stock was up 1.5%. The BSE Metal index has surged over 10% in April 2024, whereas the BSE benchmark index, the Sensex, has moved 0.5% higher.
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