Steel Authority of India Ltd (SAIL) took a sharp dive on Friday, December 13, dropping nearly 6% during intra-day trading. This marked the end of a six-session winning streak and made it the top loser in the Nifty Metal index. The broader sector also took a hit, with the Nifty Metal index shedding over 2%, reflecting the mounting pressure on metal stocks across the board. The turbulence seems to stem from concerns over China’s economic moves. Reports are circulating that China plans to weaken the Yuan further against the US Dollar next year, adding to uncertainty in the global markets. SAIL’s stock slid to ₹121.90, marking a 5.8% decline, and is now 31% off its 52-week high of ₹175.65 from May 2024. SAIL wasn’t alone in feeling the heat. The entire Nifty Metal sector saw a sell-off, with major players like NMDC, Hindustan Copper, JSW Steel, and Tata Steel all shedding more than 3%.