Steel Authority of India (down 5.59%), Tata Steel (down 4.28%), Hindalco Industries (down 0.99%), Hindustan Zinc (down 1.16%), Vedanta (down 0.71%), NMDC (down 0.68%), Hindustan Copper (down 2.24%) and National Aluminium Company (down 1.1%) edged lower. Jindal Steel & Power (up 0.64%) and JSW Steel (up 0.92%) rose.
The S&P BSE Metal index was down 200.71 points or 1.41% at 14,073.78. It underperformed the Sensex, which was up 70.09 points or 0.21% at 33,421.66.
Metal and mining stocks were also under pressure as copper prices fell in global commodity markets. High Grade Copper for May 2018 delivery was currently off 0.16% at $3.0740 per pound on the COMEX.
US President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico, two key US trade partners. Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on steel imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March 2018. The aluminium and steel import tariffs will take effect in 15 days, as per reports.
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