India`s steel stocks jump on tariff to curb cheap imports
Shares of India's major steel companies jumped between 2% and 4.5% on Wednesday, a day after New Delhi imposed import tariffs on some steel products as the government aims to curb cheap shipments from China.
Tata Steel and JSW Steel jumped 2.4% and 4.3%, respectively, topping the list of gainers on benchmark Nifty 50 index, which rose 0.3%.
The metal stocks gained as much as 1.4% to hit a fresh record of 11,164.40 points. The sectoral index has risen in twelve of the 14 previous sessions, driven by optimism over firm commodity prices.
Steel Authority of India, Jindal Stainless, and Jindal Steel also rose between 2.5% and 3.6%.
The levy, locally known as a safeguard duty, will be imposed at 12% in the first year followed by 11.5% in the second year and then 11% in the third year.
The Directorate General of Trade Remedies recommended the three-year duty after finding a "recent, sudden, sharp and significant increase in imports ... causing and threatening to cause serious injury to the domestic industry", a finance ministry order published on Tuesday said.
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