March 23, 2018 / 4:22 AM / a year ago

BUZZ-Indian metal stocks falter; Hindalco top loser on NSE index

** Indian metal stocks declined in early trade, with the Nifty metal index down as much as 3.3 pct to 3,432.30, lowest since Sept. 25, 2017

** Chinese steel futures shed more than 6 percent hitting their lowest in more than eight months amid escalating trade tensions between the United States and China while iron ore fell to its lowest in nearly nine months

** U.S. President Donald Trump signed a presidential memorandum that could impose tariffs on up to $60 bln of Chinese goods including steel, although the measures have a 30-day consultation period

** Traders built up stocks ahead of the Lunar New Year holiday betting that steel demand will pick up in March. However, a slow pickup in demand raised concerns that steel traders are likely to sell off their stocks to boost liquidity

** Hindalco Industries Ltd fell as much as 4.8 pct to 206.30 rupees, its lowest since July 17, 2017; top loser on the NSE index

** Tata Steel Ltd lost as much as 3.9 pct to 558.40 rupees, its lowest since Aug. 23, 2017

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