/ Steel Stocks Gain On planned Chinese Steel Output Cuts ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 15 June 2017


Taking cues from the Chinese steel output cuts, steel stocks on the Indian bourses have been trading higher in the Thursday’s trading session. Jindal Steel & Power Limited and SAIL were up by over 2%, Bhushan Steel has recovered its Wednesday’s loss and is trading higher by over 3% as of afternoon hours on Thursday.

China has cut around 42.4 million tonnes of steel capacity by the end of May, reported a global leading news agency. As per the market observers, the demand for steel products is still strong in China. The country has also vowed to extend the steel supply cut in 2017. Steel futures on Chinese bourses were trading higher on Thursday.

Meanwhile, Nifty and Sensex slipped in negative territory trading lower by 24 and 32 points, respectively in pre-lunch hours on Thursday.

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