Jefferies has flagged Tata Steel and JSW Steel as attractive buys after a sharp gap opened between steel prices and stock performance. Since the start of the Middle East conflict, domestic steel prices have risen about 6%, while both stocks have corrected roughly 9% to 10%. The brokerage believes this mismatch is creating a buying opportunity, especially as its FY27-FY28 earnings estimates for the two companies remain 6% to 24% above Street expectations. Jefferies also said a 1% rise in steel prices could lift earnings per share by 5% to 8%, while a recovery in Asian conversion spreads may drive another 13% upside in Indian steel prices. The firm remains constructive on the steel sector, supported by improving global supply-demand balance, reasonable valuations, and stronger profitability visibility for major Indian metal stocks.