Indian metal stocks have outperformed the broader market over the past six months, with Nifty Metal rising 30 per cent compared with Nifty’s 13 per cent gain, driven by supportive policy measures and expectations of a spread expansion cycle. Analysts noted that while investor interest has increased following India’s extended steel safeguard duties and China’s anti-involution policy, further catalysts are expected. News reports of the EU’s potential steel import quota cuts and tariff increases are seen as bullish for European steel prices. Advertisement

Tata Steel and JSW Steel are JPMorgan’s top picks in the metals and mining sector, while NMDC and Coal India are its least preferred stocks.

For the quarter gone by, steel companies are expected to report a decline in Ebitda per tonne, le

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