Among the top gainers, the shares of Jindal Steel, NMDC Steel, and SAIL each surged 4.3% to hit intraday highs of Rs 1,064.90, Rs 45.12, and Rs 147, respectively, with SAIL shares touching an all-time high.
JSW Steel shares followed closely, rising 3.75% to Rs 1,153.35, while those of Jindal Stainless climbed 3.2% to Rs 862.75, also marking a fresh record high. Tata Steel shares advanced 3% to reach a high of Rs 181.
According to a finance ministry order published on Tuesday, the new import tariff will range between 11% and 12% and is intended to shield the domestic steel industry from a surge in low-cost imports.
The duty will be implemented in a phased manner, starting at 12% in the first year, followed by 11.5% in the second year, and 11% in the third. The measure, published in the official government gazette, applies to imports from countries like China, Vietnam, and Nepal, but excludes certain developing nations and speciality products such as stainless steel.
This move follows recommendations by the Directorate General of Trade Remedies, which cited a “recent, sudden, sharp and significant increase in imports” that posed a threat to the domestic industry.
Sensex, Nifty today: Catch all the LIVE stock market action hereThe federal steel ministry has maintained that the safeguard duty is crucial to protect Indian producers from injury caused by sub-standard and cheap steel inflows.
The new tariff also comes in the backdrop of global trade tensions. Earlier in the year, the U.S. imposed steel import duties that sparked retaliatory measures worldwide, with countries like South Korea and Vietnam responding with their own anti-dumping levies.
India’s latest action is seen as part of this broader global effort to stabilise local industries against aggressive export pricing strategies.
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