India's steel companies leading metals towards best rally in decade

The country’s steel makers are on course to leading the BSE’s metal index to its biggest quarterly gain in more than a decade, on the back of recovery in consumption and surge in prices across the globe.

The S&P BSE Metal Index has surged by around a third so far in the three months through December, jumping the most since the quarter ended June 2009. 

Metal companies are in an earnings upcycle after two years of downgrades, and steel demand as well as pricing have improved sharply, according to a Jefferies Group LLC report this month.

Shares of the country’s oldest steel mill,