The Nifty Metal index fell in the late morning session after US President Donald Trump "restored" tariffs on all steel and aluminium products imported from Brazil and Argentina.
Metal stocks have been under pressure since the global trade war between the US and China began. Meanwhile, steel companies also witnessed contraction in margins due to lacklustre demand and lower global commodity prices.
In Monday's tweet, Donald Trump said "he would impose tariffs on steel and aluminium imports from Brazil and Argentina, attacking what he saw as both countries' 'massive devaluation of their currencies'."
Shares of JSPL
slipped over 9% after the SC refused to pass interim orders in the Sarda mines case.
The Nifty Metal index fell 2.5% at 2,567 levels. Shares of Tata Steel
, SAIL and NMDC
slipped 3% each, whereas JSW Steel, Hindalco and Vedanta were down 2%, respectively.
NALCO, Hindustan Copper, APL Apollo, Hindustan Zinc and Welspun Corp were also trading lower on the metal index.