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Indian Metals & Ferro Alloys shares experienced significant selling pressure on Tuesday, declining as much as 12.00% in what marks the biggest single-day fall since January last year. The stock extended losses for the second consecutive day, having declined in three out of the last four trading sessions.

South African Supply Concerns Drive Market Sentiment

The primary concern weighing on investor sentiment stems from developments in South Africa, a key global supplier of ferrochrome. Market participants are closely monitoring whether South African ferrochrome smelters will restart operations following potential electricity tariff relief.

Reports indicate that South Africa's electricity regulator, NERSA, is expediting an application from Eskom, the country's state-owned power utility responsible for electricity generation, transmission, and distribution. Eskom has requested a temporary reduction in the NPA tariff for Calendar Year 2026.

Industry Competitiveness Challenges

Major producers Samancor and Glencore-Merafe had previously declared hardship under their NPAs, including the take-or-pay provisions, as high power costs rendered South African smelters globally uncompetitive. The significance of electricity costs cannot be understated, as they alone account for 35.00% to 40.00% of ferrochrome production costs.

With tariff relief discussions now on the table, efforts are being made to revive South Africa's ferrochrome industry. Should tariffs be reduced, some South African smelters could restart operations, potentially increasing global supply and putting pressure on international prices.

Domestic Price Pressures

Closer to home, domestic ferrochrome prices have experienced a notable decline from recent peaks. The price correction represents another headwind for the company's near-term prospects.

Stock Performance

Shares of Indian Metals and Ferro Alloys closed Tuesday's session trading 8.30% lower at ₹1,337.00, having touched an intraday low of ₹1,217.00. The stock's recent performance reflects the market's concerns about both global supply dynamics and domestic pricing pressures in the ferrochrome segment.