Vedanta, SAIL, Hindalco Drag: What's Behind The Selloff In Metal Stocks Today? Explained
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Metal Stocks Today: The sharp fall in the share prices pushed the Nifty Metal index down over 1 per cent to hover around 9,062
Why Are Metal Stocks Falling Today? Metal stocks lagged behind on Thursday, June 19, with the Nifty Metal index falling 1% in an otherwise flat market. This marked the third consecutive day of losses for the index, which has now shed 2.7% after a sharp 7% rally in May. The pullback is being attributed to profit-taking, a firmer US dollar, and rising geopolitical tensions, particularly in the Middle East and over stalled US–China trade talks.
Profit-Booking After May Rally
After a strong rebound last month, investors booked profits across the metals space. Lingering uncertainty in US–China trade negotiations has weakened sentiment around global commodities, while the surge in energy prices due to Middle East tensions has further spooked investors.
Concerns escalated after US President Donald Trump hinted at potential American military action against Iran's nuclear facilities. The geopolitical stress pushed oil prices higher, raising fears over input cost inflation for metal producers, who are highly sensitive to energy price swings.
Fed Holds Rates, Warns of Inflation Spike
The US Federal Reserve held its benchmark interest rate steady but projected elevated inflation due to President Trump's import tariffs. Fed Chair Jerome Powell noted that tariffs will likely be passed down to end consumers, warning of 'meaningful inflation" in the coming months.
Vedanta led the losses within the Nifty Metal index, slipping over 2%, followed by Hindustan Zinc, which declined nearly 1%. Other key laggards included Hind Copper, SAIL, APL Apollo, NALCO, NMDC, and Tata Steel, all down over 0.5%.
However, a few stocks bucked the trend. Jindal Stainless, JSW Steel, Jindal Steel, Lloyd Steel & Engineering, and Adani Enterprises posted intraday gains, driven by company-specific tailwinds or stronger earnings.
Outlook: Margin Pressures and Dollar Strength in Focus
Analysts warn that elevated input costs, narrowing price spreads, and a stronger dollar could continue to pressure margins. While a strong dollar boosts export realizations, it also raises the cost of importing raw materials like coking coal, nickel, and ferroalloys.
If the dollar rally persists, especially alongside a slowdown in global growth, metal demand—particularly from China—could take a hit. Indian metal companies, though positioned well domestically, may face global demand headwinds and thinner profit margins in the near term.
First Published:
June 19, 2025, 11:58 IST
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