JSW Steel Ltd.

Steel stocks trade higher on the BSE, after the government of India has imposed a 12% safeguard duty on the import of certain non-alloy and alloy steel flat products in an effort to protect domestic steel manufacturers from the adverse impact of import surges and to ensure fair competition in the market.

JSW Steel is currently trading at Rs. 1045.20, up by 11.50 points or 1.11% from its previous closing of Rs. 1033.70 on the BSE. The scrip opened at Rs. 1051.95 and has touched a high and low of Rs. 1059.10 and Rs. 1036.30 respectively. So far 48260 shares were traded on the counter.

Steel Authority of India is currently trading at Rs. 117.20, up by 1.20 points or 1.03% from its previous closing of Rs. 116.00 on the BSE. The scrip opened at Rs. 118.95 and has touched a high and low of Rs. 118.95 and Rs. 116.55 respectively. So far 612138 shares were traded on the counter.

Tata Steel is currently trading at Rs. 140.25, up by 1.05 points or 0.75  from its previous closing of Rs. 139.20 on the BSE. The scrip opened at Rs. 142.10 and has touched a high and low of Rs. 142.85 and Rs. 139.60 respectively. So far 1211993 shares were traded on the counter.

This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports. The safeguard duty will also help restore market stability and reinforce the confidence of the domestic industry. The safeguard duty shall be effective for a period of 200 days (unless revoked, superseded or amended earlier) from the date of publication of the notification.

The Government has set the import prices between $675 per tonne to $964 per tonne for the five steel product categories. Any shipment imported below these import prices would attract the safeguard duty. The product categories are Hot Rolled coils, sheets and plates; Hot Rolled Plate Mill Plates; Cold Rolled Coils and Sheets; Metallic Coated Steel Coils and Sheets; and Colour Coated coils and sheets, whether or not profiled.