Metals & Mining – Jul-Sep’25 Earnings Preview – Strong delivery despite weak pricing
Published on 08 Oct 2025
Uncertainties amid ongoing tariff wars have kept key export markets under pressure however weak DXY, anticipated rate cuts, supply disruptions and China’s anti-involution policy have led to inch up in base metal prices. We expect non-ferrous companies to benefit on higher LME in near term; while expect strong domestic steel demand aided by GoI’s focus on building infrastructure, protected steel prices and ramp up of recently commissioned capacities over next few quarters. Key monitorables to watch out for: 1) inch up in domestic demand post festivities, 2) recovery in global economy once tariff wars fade, and 3) supportive measures undertaken by China. Our top picks are TATA, JINDALST, HNDL and NACL.
