Commodity Online
MUMBAI: Steel stocks took the lead in rising markets as BSE metals index rose by over 5% amid strong global cues, which showed some strength in the metal prices on international commexes.

Leading steel companies witnessed strong buying during the afternoon trading session on the BSE. JSW Steel Ltd, Tata Steel Ltd and Welspun Gujarat Stahl Rohren Ltd were among the top gainers in the metals segment. JSW Steel surged by over 8% to Rs.375 .50, while Tata Steel Ltd surged to Rs.286.70 with a rise of 0ver 9%. Welspun Gujarat gained over 9.5% to Rs. 94.85 during the afternoon trading session on the BSE today.

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Other metals stocks including Sterlite industries Ltd and Hindalco Industries Ltd were trading positive with moderate gains. Sterlite rose by over 6% to Rs.422, while Hindalco gained about 2.5% to Rs.60.30.

Metal prices stayed firm in the international market due to sustained demand from industrial users. Copper cable scrap and copper wire bar rose by Rs. 9 per kg each to Rs.270 and Rs.298 respectively from Rs.261 and Rs.289 previously. Nickel also ended slightly higher by a rupee per kg to Rs.651 from Rs.650 yesterday.

Other steel stocks stayed higher on the bourses today. Bhushan Steel Ltd surged by 5.8% to Rs.432, while public sector major, Ispat Industries Ltd traded at Rs.14.14 up by over 4% from its previous close.

Steel prices remained at Rs.23830 per MT against Rs.23600 per MT for the MCX May contract.

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