Steel stocks gain on reports of likely hike in steel prices

Four steel stocks rose by 1.88% to 4.7% at 11:50 IST on BSE on media reports that the domestic steel producers are expected to take advantage of the hike in safeguard duty and increase prices by up to Rs 1,500 per tonne.

Tata Steel (up 3.63% at Rs 208.65), Jindal Steel & Power (up 3.08% at Rs 60.15), JSW Steel (up 4.7% at Rs 879.65) and Steel Authority of India (up 1.88% at Rs 51.40) edged higher.

Meanwhile, the S&P BSE Sensex was up 190.03 points or 0.74% at 25,968.69.

It may be recalled that the government had earlier this month imposed a provisional safeguard duty of 20% on import of certain hot rolled flat steel products with a view to protect domestic producers from the recent surge in inward shipments from countries like China.

 

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