Brokerage and research firm BOBCaps said that its interactions suggest near-term range-bound aluminium prices but the possibility of upside over the medium term.
Reaffirming its view of continuing recovery in steel margin through FY24, the brokerage said its prefers metal stocks Tata Steel with a target price of {140 and Jindal Steel and Power
(ISPL) with a target price of £670.
The brokerage has Buy ratings on Tata Steel and ISPL shares whereas it has Hold stance on Steel Authority of India (SAIL) with a target price of 295, and JSW Steel (JSTL) with a target price of £715.
Entering the Chinese New Year holiday, market trading is sluggish
Trade & Pricing: Europe's billet market trend 2024-2025
