JSPL, Hindalco, Jindal Stainless — Anand Rathi's Top Stock Picks In Metals & Mining Sector; Q1 Results Preview

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Anand Rathi Report

In April 2025 the government imposed 12% provisional safeguard duty for 200 days, resulting in domestic hot rolled coil prices rising ~7% QoQ to Rs 51,965 a tonne.

In Q1 FY26 primary long steel prices commanded an 8% premium to HRC and hit a high of Rs 57,200 a tonne. However, early rains resulted in subdued demand from the construction sector, and disruption in material transportation impacted prices of primary long steel (down >Rs7,000 a tonne from recent highs).

Further, primary long steel, which commanded a premium to HRC in the past year, now trades at a ~Rs100-200/tonne discount,.

While most millshave maintained HRC prices, our channel checks (Mumbai, Raipur) suggest thatprices offeredbyvendors/traders are ata ~2-4% discount tolist prices.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.