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Nifty Metal index down nearly 15% in 2023 so far; over 50% stocks in the red

The Nifty Metal index hit a new 52-week high of 6,919 on January 18, 2023, but has since seen a 15.30% correction to 5,860 points.

The decline in metal stocks is due to recession fears in developed economies and China's weak industrial demand, as well as lower steel earnings in the December quarter due to higher energy costs and slowing demand.

Coking coal prices have been on the rise, with spot prices of Australian coking coal hitting a seven-month high of 345.67 dollars in the second week of February.


Steel major Tata Steel reported a consolidated net loss of rupees 2,502 crore for the October-December quarter of FY23, down from a net profit of rupees 9,598 crore in the same period last year.

Jindal Steel & Power reported a 72% YoY fall in net profit to rupees 518 crore in Q3FY23 while JSW Steel logged an 89% drop in the net profit to rupees 474 crore.


Brokerages are divided on whether to buy or reduce Tata Steel stock following its Q3 results announcement.

J.P. Morgan is bullish on Indian steel companies, citing strong domestic demand, re-opening of export markets, and higher domestic steel prices.

Low steel production from China is also seen to be beneficial for domestic steel prices.

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Nifty Metal index down nearly 15% in 2023 so far; Find out more

For the October-December quarter of FY23, major steel companies posted a fall in net profit, owing to higher energy costs and slowing demand. For the December ending quarter, steel major Tata Steel reported a consolidated net loss of ₹2,501 crore on the back of higher expenses. Along similar lines, Jindal Steel & Power reported a 72% YoY fall in net profit to ₹518 crore in Q3FY23.

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Nifty Metal index down nearly 15% in 2023 so far; Find out more

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