 "Steel stocks gain ground in a weak market")
Shares of steel companies are trading higher between 0.5-1.5% on the BSE after the finance ministry imposed anti-dumping duties ranging from $180 to $316 per tonne for select industrial-grade stainless steel imported from China, Malaysia and South Korea in order to curb imports and protect the ailing domestic industry.
The development was the result of India's trade ministry’s speech in the month of March stating that the domestic industry is suffering with material injury owing to such dumped imports. Further, the ministry stated that a corrective measure is required.
India consumes nearly 1 million tonne of this type of stainless steel and more than 40% of the above is imported, mostly from China.
The anti-dumping duties will be effective for a span of five years, the finance ministry said in a statement late on Friday.
Among the steel stocks, Tata Steel, Steel Authority of India (SAIL), JSW Steel, Jindal Steel & Power (JSPL) are trading higher between 0.5-1.5% on the BSE.