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Metal Stocks Inches Higher Despite Concerns over Increasing Chinese Imports

May 21, 2024

By: BlinkX Research Team

Almost all metal stocks on Thursday were seen in the positive territory, extending gains for the fifth straight session. The metal index rose despite fears that India might be on the verge of becoming a dumping ground for Chinese products such as steel and aluminium, as the US increased tariffs by intensifying efforts to cut reliance on Beijing, China.

Key Takeaways from Metal Stocks:

• Nifty Metal opened 0.5% higher at 9,418.
• Most metal stocks traded in green, extending gains for the fifth session.
• Metal stocks rose despite fear of India becoming a dumping ground for Chinese products.
• President Joe Biden announced significant tariff increases on various Chinese imports to cut reliance on Beijing.
• The new measures will affect $18 billion worth of Chinese goods.
• Tata Steel, Hindalco, Vedanta, and NMDC edged almost 1% higher.
• JSW Steel, slipped 0.5%  from the previous close.

On Thursday, President Joe Biden announced a significant increase in tariffs on various Chinese imports, including steel, aluminium, electric vehicles, computer chips, solar panels, and medical products. According to Biden, the new measure will likely affect Chinese goods worth $18 billion. 

Major stocks such as Tata Steel, Hindalco, Vedanta, and NMDC have inched higher by almost 1%. However, the only exception was JSW Steel which fell 0.5% from the previous close. Further, the Nifty Metal index also opened 0.5% higher at 9,418. 

Read More About Metal Stocks in India Here!