The economic slowdown in China and its ability to climb out of the pit of slump has affected myriad other avenues of global trade. One of the crucial elements is the vacillations observed in the commodities market, especially Steel.
This in turn has placated the performance of steel companies on the Indian equity market. On Friday, November 29, the shares of some of the major steel
The price of steel in the Indian domestic market is now lower than imports from China, Japan, and South Korea. The price of steel in the domestic market stood at 48,000 a tonne, for the hot-rolled coil. The imports from China were price at around Rs 51,500 for a tonne.
Amid these developments in the international market, the shares of the major steel companies rose in value.
Tata Steel Ltd
Of the major names in the business, Tata Steel saw its shares jumped by 0.94 per cent or Rs 1.35 per share.
This surge of almost a percentage took the overall value of Tata Steel shares to Rs 144.74 per piece
From Tata Steel we move to one of the biggest names in the public sector, the Steel Authority of India Limited or SAIL also saw its shares trade in green on Friday.
Steel Authority of India Ltd
SAIL shares experienced some minor fluctuations, trading with a minor gain of 0.20 per cent or Rs 0.23.
This took the overall value of the company shares to Rs 116.51 per share.
Jindal Steel And Power Ltd
Jindal Steel also observed changes in the value in the early half of the intraday trade.
The shares of the company also increased in value by 0.13 per cent or Rs 1.20 per share. After closing at Rs 897 per share, the price increased to Rs 898.20 per share.
JSW Steel Limited
JSW Steel, recently made it to news for losing its position in the BSE Sensex 30 constituent stocks, however on Friday, the company was one of the biggest gainers with a jump of 1.48 per cent or Rs 14.15 in its value.
This took the overall of the shares to Rs 968.30 per piece.
NMDC Ltd
The Hyderbad-based public sector company, NMDC Steel saw its shares rise to Rs 231.53 per share.
The shares of the company saw an increase of 1.90 per cent or Rs 4.32, after closing at Rs 232.05 per share in the previous trading session.
