Steel stocks trade in fine fettle on the bourses

Steel stocks are trading in fine fettle in early deals, as India has slapped anti-dumping duty on certain cold-rolled flat steel products from four nations including China and South Korea to guard domestic industry from cheap imports.

Steel Authority of India (SAIL) is currently trading at Rs. 49.55, up by 1.45 points or 3.01% from its previous closing of Rs. 48.10 on the BSE. The scrip opened at Rs. 48.30 and has touched a high and low of Rs. 49.60 and Rs. 48.05 respectively. So far 529332 shares were traded on the counter.

Tata Steel is currently trading at Rs. 389.95, up by 2.75 points or 0.71 % from its previous closing of Rs. 387.20 on the BSE. The scrip opened at Rs. 389.00 and has touched a high and low of Rs. 390.75 and Rs. 385.40 respectively. So far 187973 shares were traded on the counter.

JSW Steel is currently trading at Rs. 1786.65, up by 6.70 points or 0.38 % from its previous closing of Rs. 1779.95 on the BSE. The scrip opened at Rs. 1778.00 and has touched a high and low of Rs. 1788.65 and Rs. 1772.00 respectively. So far 20040 shares were traded on the counter.

An anti-dumping duty of the difference between the landed value of the steel products and $594 per tonne will be levied. The government had previously imposed anti-dumping duty on import of hot-rolled flat products of alloy or non-alloy steel from China, Japan, Korea, Russia, Brazil and Indonesia.

That duty, valid for six months, was the difference between the landed value and the respective prescribed value which is $474 per tonne and $557 per tonne. The anti-dumping duty imposed on cold-rolled flat products of alloy or non-alloy steel from China, Japan, South Korea and Ukraine too would be for six months. The anti-dumping duty was imposed on recommendation of the Directorate General of Anti Dumping (DGAD), an arm of Commerce Ministry.