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Metal Stocks Rally Today: Shares of metal companies, especially steelmakers, were in high demand on Wednesday, with the Nifty Metal index soaring 3 per cent during the day’s trading on the NSE. This surge came as the US dollar weakened, making commodities like metals more attractive to investors.
Top Performing Metal Stocks: Tata Steel, JSW Steel, Vedanta, Hindalco, Nalco, NMDC
By early afternoon, the metal index was the top performer among sector indices, gaining much more than the modest 0.23 per cent rise in the broader Nifty 50. So far this year, the metal index has outpaced the market, climbing 12 per cent compared to the Nifty 50’s 4 per cent gain.
Among the stocks leading the charge, Tata Steel jumped 6 per cent to Rs 167.73, coming close to its 52-week high of Rs 170.18 hit last September. Other big movers included Hindustan Copper, SAIL, and Jindal Steel & Power, each rising about 5 per cent. Shares of Nalco, JSW Steel, Hindalco, Vedanta, and NMDC also saw gains between 2 and 3 per cent.
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Government plans to reallocate iron ore mines to boost steel production
On the policy front, reports say the government is looking at reallocating some non-operational iron ore mines currently held by SAIL and Odisha Mining Corporation. The idea is to increase the supply of iron ore — a key ingredient for steel — to meet growing demand.
This could happen through new auctions or by transferring mines to other state-owned companies. There’s also talk of a possible 20 per cent export duty on iron ore to make sure enough stays within the country.
These moves support the government’s bigger goal of producing 300 million tonnes of steel by 2030, which would require around 437 million tonnes of iron ore — a big jump from the current 250–260 million tonnes.
While the government plans to auction about 20 million tonnes of ore from certain sites, progress has been slow, with only 35 of 135 auctioned mines becoming operational since 2015.
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