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
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.