The Metals index has been up in the green this week. Today too, the metal index is up, with Tata Steel Jindal Steel, Hindalco, Hind Zinc, SAIL, JSW Steel, NMDC, VEDL, all in the green.
Russia exports aluminium and other metals like Nickel to EU. Almost 20% of the EU’s needs are met by Russia and now with sanctions coming in, these imports by EU is bound to be impacted, leading to spiralling metal prices. Steel prices are expected to rise further and India is expected to be a beneficiary.
Russia produces about 6% of the world's aluminium and accounts for about 7% of global nickel mine supplies. Currently, Russian aluminium producer Rusal has halted alumina shipments from its 1.75-Mtpa Nikolaev refinery located close to the port of Mykolaiv in Ukraine.