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Stocks of major steel companies are seen rangebound over the next few sessions amid lack of fresh triggers and on weak fundamentals. Continued weakness in domestic steel demand coupled with relatively higher supply is expected to keep the tone slightly subdued. However, a significant fall in prices of stocks of the steel companies is unlikely, as the demand-supply equation has been unstable for quite some time now. Steel stocks will be market driven and there is nothing major that is likely to happen in the market as well. Recently, Fitch Ratings downgraded steel-giant ArcelorMittal's long-term issuer rating to 'BB+' from 'BBB-'. Luxembourg-based ArcelorMittal is the largest steel producer in the world. The downgrade by the ratings agency reflects the more challenging than previously expected outlook for Western European steel markets in 2013, Fitch said in its release.
