Shares of steel companies surged after the government imposed safeguard duty duty of 11%-12% on select steel imports.
JSW Steel surged 4.97%, Tata Steel added 2.50%, Jindal stainless rose 0.64%, Steel Authority of India (SAIL) climbed 4.15%, Jindal Steel rallied 3.33%.The duty on select non-alloy and alloy steel products will be set at 12% in the first year, before being reduced to 11.5% in the second year and further to 11% in the third year. Imports from certain developing countries are exempt, while shipments from China, Vietnam and Nepal will be subject to the levy. Specialty steel products, including stainless steel, are excluded.
The safeguard measure is expected to support domestic steel prices and protect margins at a time when global steel prices remain subdued.
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