JSW Steel Ltd. and Tata Steel Ltd.'s share prices dragged the NSE Nifty Metal down on Wednesday, in the backdrop of US tariffs on aluminum and steel taking effect. US President Donald Trump announced plans to impose 25% duty on the metals without any exemption. The move will impact prices in the international market.
Trump pressed on metal tariffs despite US stakeholders suggesting otherwise. Its largest aluminum producer, Alcoa Corp, warned that tens of thousands of jobs would be endangered, and lead to a price hike for Americans who are already grappling with inflation, Bloomberg reported.
"President Trump signed an executive order to review copper imports, fuelling fears of expedited trade barriers that could strain the US’ limited smelting capacity. Aluminum prices rose after Trump announced 50% tariff on Canadian shipments, only to retract the threat hours later, while downplaying recession risks," Kotak Securities said in a report.
Nifty Metal fell 0.82% to the low of 8,824.75. It was trading near the day's low of 8,824.75 as of 10:54 a.m., as compared to 0.40% decline in the NSE Nifty 50.
Around open, the Nifty Metal rose 0.85% to 8,972.60.
JSW Steel Ltd. and Tata Steel Ltd. were the top draggers of the Nifty Metal index as of 10:56 a.m. Meanwhile, Vedanta Ltd., and Welspun Corp. supported the index.
The market-cap of metal companies declined Rs 12,830 crore to Rs 15.77 lakh crore as of 10:57 a.m.
Most constituents of the Nifty Metal were trading in the red. APL Apollo Tubes Ltd. was the top loser with 2.91% intraday loss. As of 10:58 a.m., the stock was trading at the day's low of Rs 1,406.80 apiece.
Jindal Stainless Ltd. and Ratnamani Metals & Tubes Ltd. followed APL Apollo Tubes Ltd. They were trading 3.10% and 1.17% down respectively as of 11:03 a.m.
Bucking the trend, Hindustan Copper Ltd. and Welspun Corp. share prices were leading gains in the Nifty Metal.
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