JSW Steel and Tata Steel shares lose sheen as brokerages warn of risk to steel prices

Shares of major steel makers, including JSW Steel, Tata Steel and Jindal Steel, remained under pressure on Monday after giving returns of 7-16 per cent to investors last month.

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The market has turned cautious on steel stocks as global steel prices, which rose as a result of the Russia-Ukraine war, are falling due to low demand for steel domestically as well as in China.

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Following the CS report, shares of JSW Steel fell 2.6 per cent intraday trade and traded at Rs 646.65 (intraday low) at 1:45 pm on the BSE. The stock, which has fallen more than 3 percent

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Shares of Tata Steel fell 3.4 per cent intra-day. At 1:45 pm, the stock was trading at Rs 106.50, down 3.18 per cent from the previous close on the BSE.

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Meanwhile, shares of Jindal Steel fell nearly 4 per cent to Rs 390 in today's session. However, the stock has lost its sheen in the last five sessions.

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As the recent fall in steel stocks, Credit Suisse has said in its latest report that it remains cautious on the Indian steel sector. Future spreads are likely to return, the brokerage said.

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CS has maintained its underperformance rating on JSW Steel's stock, while it has a neutral stance on Tata Steel. Major steel makers have urged the government to reduce or remove export duty on steel

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