Steel Stocks Surge on Safeguard Probe

23 Dec 2024 , 10:40 AM

As India has opened an investigation into a purported rise in the importation of specific steel flat goods into the nation, shares of steel businesses such as Steel Authority of India (SAIL), Tata Steel, JSW Steel, and Jindal Steel & Power surged up to 3.2% on the BSE. The Indian Steel Association subsequently filed a complaint.

On the BSE, shares of Jindal Steel & Power surged 2.3% to an intraday high of Rs 929, while shares of JSW Steel surged 3.2% to their day’s high of Rs 947.95. In the meantime, Tata Steel and SAIL’s stock rose by 2% apiece.

According to the announcement, the applicant claims that the amount of imports has increased “recently, suddenly, sharply, and significantly,” causing “significant” harm to India’s domestic industry.

The investigation into imports of non-alloy and alloy steel flat products used in a variety of industries, such as fabrication, pipe manufacturing, construction, capital goods, automobiles, tractors, bicycles, and electrical panels, has begun, the Directorate General of Trade Remedies (DGTR) announced in a notification.

According to the DGTR, the Indian Steel Association has submitted an application to impose a safeguard duty on imports of steel on behalf of its members, ArcelorMittal Nippon Steel India, AMNS Khopoli, JSW Steel, JSW Steel Coated Products, Bhushan Power & Steel, Jindal Steel and Power, and the Steel Authority of India.

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