BSE Metal index soars 4.4%; Tata Steel and JSW hit fresh all-time highs

Shares of steel cos have been on a tear recently, owing to a sharp rally in steel prices. Price of Asian flat HRC has shot up over 20% while that in Europe has gained 40% this calendar year

The BSE Metal index on Thursday soared 4.4 per cent extending this month’s run to 11.5 per cent. Shares of steel companies have been on a tear in recent months, underpinned by a sharp rally in steel prices. The price of Asian flat hot rolled coil (HRC) has shot up more than 20 per cent while that in Europe has gained over 40 per cent in the current calendar year.
 

The gauge for metal company stocks has risen 41 per cent this year. In comparison, the benchmark Sensex is up just 4 per cent.
 

The BSE Metal index was largely