Steel stocks firm after export duty removal: GPIL, SAIL climb up to 19%

According to analysts at ICICI Securities, the removal of export duty augurs well for domestic steel players over a longer term horizon

Shares of steel companies were firm in an otherwise weak market as they surged up to 19 per cent in Monday’s intra-day trade. This upmove comes after the government removed export duty on steel products and raw materials after almost six months.

According to the notification, exports of iron ore lumps, which comprises of less than 58 per cent Fe and iron ore pellets will attract no export duty, however, grades above 58 per cent will attract 30 per cent.

Meanwhile, the 15 per cent export duty on hot-rolled, cold-rolled alloy and non-alloy flat steel products of 600mm