Steel Price Hike Expected in March Quarter; JSPL, JSW Top Picks: Axis Securities

• Axis Securities predicts another round of steel price hikes, favoring private steel makers over PSUs.
• Seasonal demand recovery and reduced import pressure are expected to support domestic steel prices.
• Hot rolled coil (HRC) prices have increased by ₹4,500-5,000 per tonne, potentially boosting spreads by ₹3,500-4,000 per tonne in Q4FY26.
• Jindal Steel and Power (JSPL) and JSW Steel are top picks, followed by Tata Steel; SAIL is a tactical opportunity.
• Ferrous metals are preferred over non-ferrous due to recent rallies in base metal stocks; aluminium has stronger near-term fundamentals than copper.