At around 2.34 pm, Nifty Metal was trading at 4,965.60 higher by 117.65 points or 2.43%. The index has touched a new all-time high of 4,967.50 in early deals.
SAIL was the top gainer on the index surging by nearly 9% followed by Adani Enterprises and NALCO soaring nearly 8% and 6% respectively.
Tata Steel and Welspun Corp jumped nearly 3%, while NMDC, APL Apollo and JSPL climbed over 2% each.
MOIL zoomed by 1.6%, whereas Hindalco and JSW Steel were higher by 1.5% each. Ratnamani jumped by 1.2%. Vedanta advanced marginally.
On the contrary, Hindustan Zinc was the top underperformer slipping by nearly 2% followed by Coal India plunging nearly 1%.
China's announcement for removal of VAT rebates on exports of 146 steel products from May 01, 2021. The VAT rebate of 13% of the VAT charged on exports on products such as hot-rolled coil, wire rod and rebar no longer applies from May 01. Also, products like cold rolled steel sheet, hot-dip galvanized sheet and narrow strip were in the list of products where the rebate is eliminated from this month.
Last week, copper prices at the London Metal Exchange clocked $10,000 a metric ton for the first time since 2011.
Furthermore, China's steel exports increased 16% YoY to 7.5 million metric tonnes in March 2021, from 6.48 mnt in the same month a year ago. Also, the production grew by 19% to 94.02mnt in March 2021 as against 78.98mnt in March 2020.