Metal stocks witnessed a sharp rise on Monday with BSE Metal index gaining maximum among all the sectoral indices on the back of the second stimulus package announced by the Government.
The BSE Metal index gained 5.54 per cent. Top gainers among the steel stocks were Tata Steel (6.73 per cent), SAIL (6.97 per cent), Jindal Steel (5.50 per cent).
Meanwhile, according to a report, there was a sudden rise in demand for long structural products by 30 to 40 per cent while the prices have come down from an average of Rs 48,000-49,000 a tonne in August to Rs 32,000-33,000 a tonne. The good news for steel manufacturers is that the production cost of steel has also come down with fall in prices of raw material, including iron ore, which has also been favourable for steel stocks.
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