Five steel stocks rose by 0.76% to 8.47% at 15:30 IST on BSE on reports that an Indian government body has found evidence that rising imports of hot-rolled steel products pose a threat to the domestic industry.
Steel Authority of India (Sail) (up 8.47%), Tata Steel (up 5.93%), JSW Steel (up 5.40%), Jindal Steel & Power (up 0.83%) and Bhushan Steel (up 0.76%), edged higher.
The S&P BSE Sensex was up 450.80 points, or 1.81% at 25,344.61.
According to media reports, an Indian government body has found evidence that rising imports of some hot-rolled steel products from China, Japan, South Korea and Russia pose a threat to the domestic industry. The recommendation of the committee could pave the way for imposition of import levy known as a safeguard duty.
The Directorate General of Safeguards reportedly said yesterday, 8 September 2015, it would look into whether a duty was needed after the Sail, JSW Steel and Essar Steel filed an application in July seeking safeguard measures for a four-year period.
Reports suggested that imports made up 5% of the country's total production of special steel products in the year to end-31 March 2014. But they have increased since then and are on course to hit 13% this fiscal year.
Total steel imports into India jumped 72% in the last fiscal year to 9.3 million tonnes. South Korea and Japan, which pay duties of less than 1% due to the free trade agreements, together sent imports worth 3.5 million, reports added.
Powered by Capital Market - Live News
