The shares of Tata Steel surged the highest- by 2.6% to their day’s high of Rs 142.85, followed by the shares of SAIL and Jindal Stainless, which rose by 2.5% each. Additionally, Jindal Steel and Power shares jumped by 1.9% while those of NALCO surged by 1.6% to Rs 163.90.
“…the Central Government, after considering the said findings of the Director General (Trade Remedies), hereby imposes… a provisional safeguard duty at the rate of twelve per cent ad valorem,” the notification stated. The duty will remain in effect for 200 days unless revoked or amended earlier.
India, the world’s second-largest crude steel producer, remained a net importer of finished steel for the second year in a row in FY25, with imports hitting a nine-year high of 9.5 million metric tons, as per provisional government data.
The move follows a recommendation last month by the Directorate General of Trade Remedies (DGTR) under the Commerce Ministry, which proposed a 12% duty on some steel products for 200 days in response to a surge in cheap imports.
The DGTR began its probe in December 2024 after receiving a complaint from the Indian Steel Association, representing companies such as ArcelorMittal Nippon Steel India, JSW Steel, Bhushan Power & Steel, Jindal Steel and Power, and SAIL.The investigation focused on ‘Non-Alloy and Alloy Steel Flat Products’ used in industries like construction, automotive, fabrication, and electrical equipment.The directorate in its probe has preliminarily found that there is a recent, sudden, sharp and significant increase in the imports of these products into India, causing and threatening to cause serious injury to the domestic industry/producers.
The directorate has said in a notification dated March 18 that there exist critical circumstances, where any delay in application of provisional safeguard measures would cause damage which would be difficult to repair.
It said there is a necessity for immediate application of provisional safeguard measures.
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