Metal companies see Chinese economy reopening as boost to commodities

Hindalco, Vedanta and Hindustan Zinc remain upbeat about future demand

Viveat Susan Pinto Mumbai
Photo: Bloomberg

Photo: Bloomberg

The re-opening of the Chinese economy as it moves away from its Zero-Covid policy could help stabilise commodity prices, some of the country's top metal companies say. They also view the re-opening of the world's second-largest economy as a positive for demand, at a time when markets such as the US and Europe have been largely weighed down by slowdown concerns for now.
"Most of us in the metals business are hoping that the Chinese economy picks up because half of any metal demand, including aluminium, comes from China. If it does, metal prices have an upside," Satish Pai, managing director, Hindalco, said.
On Tuesday, shares of metal companies such as Hindustan Zinc, Hindalco, National Aluminium Company (Nalco), Tata Steel and Steel Authority of India (SAIL) closed trade in the green on the BSE as sentiment remained positive in the sector. The BSE Metal Index, however, was marginally down 0.3 per cent versus the previous day&r

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First Published: Feb 21 2023 | 6:43 PM IST

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