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<ul><li>Shares of India’s largest steel companies, <keyword id="6357147" type="General" weightage="20" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>, SAIL, Jindal Steel among others, tumbled up to 16% after the Indian government imposed export taxes overnight.</li><li>The Indian steel makers currently have over 2 million tonnes of steel orders in the pipeline, said industry body FICCI.</li><li>India ran a trade surplus of nearly ₹1.07 lakh crore in the two years after the outbreak of the COVID-19 pandemic.</li></ul>India’s biggest steel makers’ stocks tumbled up to 15% after the government imposed export taxes of 15% overnight on eight steel products - intending to tame inflation. The announcement was made alongside the decision to cut duties on petrol and diesel, apart from raw materials for iron and steel. This could prove to be a double whammy for steel companies as the domestic demand for steel has been tepid. They were hoping to supplant it with exports, and with the extra taxes for exporting, will slash their margins if not businesses. Indian stock markets reacted sharply to the news, with Tata Steel, SAIL, Jindal Steel and Power (<keyword id="45581" type="General" weightage="100" keywordseo="jspl" source="Orion">JSPL</keyword>), and JSW Steel all tumbling by up to 15%. As of 11 a.m., JSPL was the worst impacted, with its shares plunging by nearly 16%. <div type="image" title="Steel companies stocks May 23, 2022." msid="91735401" hostid="261" caption="&amp;lt;p&amp;gt;Shares of steel companies tumbled on news of export tax on steel&amp;lt;/p&amp;gt;"></div> The steel makers are more worried about the execution of ongoing orders which could be in a fix due to the unexpected move by the government. “They should have given us at least 2-3 months of time, we did not know about such a substantial policy. This could possibly lead to force majeures. We alone have 2.6 lakh tonnes of orders, which were taken when export duty was zero,” said V R Sharma, managing director of Jindal Steel and Power, in an interview with <a href="https://www.reuters.com/markets/europe/indian-steelmakers-face-hit-europe-deals-over-export-tax-jspl-exec-2022-05-22/">Reuters</a>. The iron and steel product category has witnessed a net trade surplus in the last two years – since the outbreak of COVID-19 – with the total surplus standing at $14.1 billion (approx. ₹1,07,000 crore) in 2020-21 and 2021-22. <div type="image" title="Steel exports imports FY04-22." msid="91735420" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s balance of trade in the iron and steel category since 2004&amp;lt;/p&amp;gt;"></div> India’s iron and steel imports, in the same period, came down from 3.6% of the total imports to only 2.1%, according to a report by Motilal Oswal. “In a bid to curb inflation the Ministry of Finance announced export duties on most steel products, along with an excise duty cut for petrol and diesel. This is likely to divert more supply towards the domestic market. With prices now being guided by the export parity philosophy (instead of import parity) it could lead to a sharp correction in steel prices in India,” said a report by CLSA. It downgraded Tata Steel from ‘Buy’ to ‘Underperform’; JSW from ‘Underperform’ to ‘Sell’, and JSPL from ‘Buy’ to ‘Overperfrom’. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Over 2 million tonnes of steel orders in the pipeline, says steel industry" comment="subhead" text="Over 2 million tonnes of steel orders in the pipeline, says steel industry">Over 2 million tonnes of steel orders in the pipeline, says steel industry</cmsannotation> Industry body FICCI (Federation of Indian Chambers of Commerce &amp; Industry) has sought 3 months’ time from the Indian government to clear orders amounting to over 2 million tonnes of steel. The FICCI Steel committee co-chairperson Sharma, who is also the MD of JSPL, said that the ongoing Russia-Ukraine war has given an opportunity to Indian steel companies to fill in the demand for steel in Europe, which is the second largest importer in the world. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-leica-partner-for-a-flagship-device-xiaomi-12-ultra-expected-to-launch-in-july/articleshow/91734026.cms">Xiaomi and Leica partner for a flagship device, Xiaomi 12 Ultra expected to launch in July</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-hdfc-hdfc-bank-paytm-and-other-hot-stocks-to-watch-out-for-on-may-23/slidelist/91733634.cms">Zomato, HDFC, HDFC Bank, Paytm and other hot stocks to watch out for on May 23</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-will-end-support-for-ios-10-and-ios-11-from-october-onwards/articleshow/91734194.cms">WhatsApp will end support for iOS 10 and iOS 11 from October onwards</a>

Tata Steel, SAIL, Jindal Steel shares tumble up to 16% after the export tax shocker

<ul><li><keyword id="82905" type="General" weightage="20" keywordseo="metal-stocks" source="Orion">Metal stocks</keyword> were top gainers in a weak market as the price of most metals went up on fears of supply constraint from Russia, one of the large producers of metals.</li><li>Russia and Europe account for nearly 10% of global primary aluminium supply and Russia is among the steel exporters.</li><li>The inability to export metals from Russia has thrown in a golden opportunity for Indian metal producers to fill the gap.</li></ul>Shares of Indian metal companies were on an upward trend in a weak market, on Wednesday, as the Russia Ukraine crisis threw opportunities for the metal companies to ramp up their export. Imposed sanctions and worsening ties with nations would impact Russia’s overall trade. <a href="https://www.reuters.com/markets/europe/lme-aluminium-holds-firm-russian-supply-risks-2022-03-01/">Reportedly</a>, Russian aluminium producer Rusal has halted production at the Nikolaev alumina refinery in Ukraine, citing logistical challenges on the Black Sea and the surrounding area. The inability to export commodities from Russia has thrown in a golden opportunity for Indian metal producers to fill the gap. Russia and Europe account for nearly 10% of global primary aluminium supply and Russia is among the top steel exporters. Also, Russia <a href="https://www.reuters.com/markets/europe/lme-aluminium-holds-firm-russian-supply-risks-2022-03-01/">reportedly</a> supplies the world with around 10% of global nickel, which is used to make stainless steel and batteries for electric vehicles. National Aluminium Company, Hindalco Industries, Bharat Aluminium Company and Vedanta Aluminium are some of the top aluminium producers in India. Metal companies were outliers in the weak market on March 2, wherein Sensex fell nearly 2% due to weak global cues amid ongoing Russia-Ukraine war. Nifty Metal was the topmost gainer in the market. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top metal stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change as of 10:55 a.m. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+5.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Welcorp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+5.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Steel &amp; Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+5.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Zinc </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+5.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">National Aluminium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NMDC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+3.37% </td></tr></tbody></table>Although India is far removed from the geographic location of the crisis, the worsening war between two largest producers of commodities have the potential of a major <a href="https://www.businessinsider.in/india/news/russia-ukraine-crisis-impact-on-indian-kitchens-pharma-sector-crude-oil-prices-and-more/articleshow/89766856.cms">impact on the Indian economy </a>both in good and bad ways. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/urban-company-partners-can-now-get-shares-in-the-company/articleshow/89939104.cms">Urban Company partners can now get shares in the company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-reportedly-wants-the-government-to-release-15000-crore-bank-guarantees/articleshow/89937099.cms">Vodafone Idea reportedly wants the government to release ₹15,000 crore bank guarantees ahead of its fundraising plan</a>

Indian metal companies to benefit from Russia’s supply disruption due to war with Ukraine

<ul><li>Metal company stocks were rallying up to 5% today on rising prices of the commodity after crude oil prices hit a two-month high.</li><li>Analysts say rise in input cost due to high crude oil prices and low production capacity at sites have increased the prices of metals, which is good for the company.</li><li>Nifty Metal is the top gainer among sectoral index with 2.6% gains.</li></ul>While the outlook for <a href="https://www.businessinsider.in/business/corporates/news/hindalco-is-a-better-bet-than-tata-steel-because-electric-vehicles-need-aluminium/articleshow/88827641.cms">steel makers remains</a> cloudy, the weakening of the dollar is propping up commodity prices including metals as well as crude oil. When the dollar weakens, the same amount of any commodity costs more in terms of dollars. Therefore, prices increase. And, the stocks of metal companies are mirroring that optimism. Nifty Metal is the top gainer among sectoral index with 2.6% gains. Metal prices are said to be rising because of high crude oil prices and lower production with companies, which is boosting the prices upwards. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metal companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 13 change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Steel &amp;Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NMDC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Copper </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedanta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">APL Apollo Tubes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.37% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr></tbody></table>(Prices as at 1 p.m) Relation between metal prices and crude oil prices “There are reasons for the rise. One is that metals stocks are always linked to crude oil prices and, right now, they have jumped $84 per barrel, which is probably at a recent high. Usually when crude prices go up, base commodity prices also go up, which is a good thing for metal companies,” said Deven R Choksey, managing director at KR Choksey Investment Managers told Business Insider. Currently, the crude oil prices are at $85 per barrel, trading at a 2-month high after the US oil inventory fell for the seventh straight week to levels last seen in 2018. Note that crude oil is a basic input in the production process and is used to fuel cars and planes for transportation and generate electricity for use in production of goods and services. So any change in the price of oil will impact the costs for the company and hence increase the product price. Another reason for the rise in metal prices is that companies had cut down production in recent weeks because they thought the demand wasn’t strong enough. “Anywhere across the globe particularly Europe production capacities at being pared, they (companies) are not increasing the production be it because of environment issues or covid related restrictions. Many companies have been keeping their production capacity at a lower level, which is resulting in higher prices of the product due to shortage of supply,” added Choksey. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-shareholders-cheer-share-buyback-and-strong-growth/articleshow/88867953.cms">TCS shareholders cheer share buyback and strong growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/wipro-slips-6-on-disappointment-over-poor-than-expected-earnings-performance/articleshow/88870822.cms">Wipro slips 6% on disappointment over poor than expected earnings performance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/swiggy-will-deliver-stuff-on-tvs-motors-electric-scooters-following-footsteps-of-zomato-amazon-and-flipkart/articleshow/88872404.cms">Swiggy will deliver stuff on TVS Motors’ electric scooters</a>

Metals are mirroring the rally in crude oil and the recent output cuts are helping

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Tata Steel, SAIL, Jindal Steel shares tumble up to 16% after the export tax shocker

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Indian metal companies to benefit from Russia’s supply disruption due to war with Ukraine

Bhakti Makwana

Metals are mirroring the rally in crude oil and the recent output cuts are helping

Bhakti Makwana

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