The Metals Index On The BSE Dropped 1393 Points.

The sharp increase in gross value added of iron ore and manganese metals has led to fears of bankruptcy in China's real estate sector, falling commodity prices, and weakening world markets before the US Federal Reserve's findings. The BSE and NSE metals indexes also fell 12 and 2 points, respectively, as metals stocks retreated today on intense selling pressure.

Tata Steel, Jindal Steel and Power, Hindalco Industries, National Aluminum Company, JSW Steel, Steel Authority of India (SAIL), Vedanta, and NMDC were down 10% in daily trading today on intense selling pressure. In the afternoon, the Nifty Metal Index was the biggest loser in the industry index. 

The metal was down 2.4%, compared to a 0.21% drop in the Nifty 50 index.

Metals such as iron, manganese, and others. What hurts the report is that the GST percentage has increased from 5% to 12%. Since steel companies have already collected a GST rate of 12%, the increase in the GST rate for iron ore will not affect steel companies as steel companies will offset the iron ore input tax.

Meanwhile, local hot-rolled coils (HRC) prices are below regional prices as factories try to open up more export markets due to increasing demand. 

Meanwhile, fears of default by the Chinese real estate giant also had an impact on mental reserves. According to experts, the demand for the real estate industry in China will decline, and the industry will collapse, which will also spill over to Indian companies. Thus this report also caused panic in the market.

According to this report, the BSE Metals Index fell 12 points to a low of 1034.5 as metal inventories fell. The NSE metals index fell 2.4 points to 203. Tata Steel today lost 10% against the BSE and NSE.