Metal Stocks Outlook For The Week – 11 To 15.12.2017
The positivity in stocks of metal and mining companies in the past two sessions is set to continue all through next week. The Nifty Metal index fell 2.4% from Monday till Wednesday. The stocks then rebounded, with the index ending 3.1% higher than Wednesday. In the steel sector, iron ore prices are striking a bullish stance. The price of imported ore in China on Monday, was up by 8% from the previous week, leading to Chinese steel prices increasing this week. India steel prices are subdued compared with the rise in global prices, due to higher production growth of 6% for Apr-Oct. The rising steel prices in China are positive for the Indian steel sector as it may increase demand for domestic steelmakers. Demand for steel in India is expected to grow at around 5% in 2018, driven by a sustained increase in government infrastructure spending, according to a report from Fitch on Dec 1. Zinc prices are expected to stay strong, as the metal's market is expected to remain in deficit till December. This is likely to help Hindustan Zinc Ltd maintain its margins at least for the ongoing quarter, indicating a positive trend for its stock in the near future. Aluminium prices have been subdued on the back of lower-than expected supply cuts in China, and may continue to put pressure on local producers Hindalco Industries and National Aluminium Co. Fitch has a negative outlook on JSW Steel, which could pressurise the stock in the near future.
Source : Cogencis Information Services Ltd.
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The positivity in stocks of metal and mining companies in the past two sessions is set to continue all through next week. The Nifty Metal index fell 2.4% from Monday till Wednesday. The stocks then rebounded, with the index ending 3.1% higher than Wednesday. In the steel sector, iron ore prices are striking a bullish stance. The price of imported ore in China on Monday, was up by 8% from the previous week, leading to Chinese steel prices increasing this week. India steel prices are subdued compared with the rise in global prices, due to higher production growth of 6% for Apr-Oct. The rising steel prices in China are positive for the Indian steel sector as it may increase demand for domestic steelmakers. Demand for steel in India is expected to grow at around 5% in 2018, driven by a sustained increase in government infrastructure spending, according to a report from Fitch on Dec 1. Zinc prices are expected to stay strong, as the metal's market is expected to remain in deficit till December. This is likely to help Hindustan Zinc Ltd maintain its margins at least for the ongoing quarter, indicating a positive trend for its stock in the near future. Aluminium prices have been subdued on the back of lower-than expected supply cuts in China, and may continue to put pressure on local producers Hindalco Industries and National Aluminium Co. Fitch has a negative outlook on JSW Steel, which could pressurise the stock in the near future.
Source : Cogencis Information Services Ltd.
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