Four steel stocks rose 1.36% to 1.88% at 11:40 IST on BSE on media reports that an arm of the finance ministry has recommended maintaining import duties on some steel products until March 2018.
Tata Steel (up 1.52% at Rs 303.75), Steel Authority of India (up 1.88% at Rs 43.30), JSW Steel (up 1.54% at Rs 1,216.40) and Jindal Steel & Power (up 1.36% at Rs 59.55) edged higher.
Meanwhile, the S&P BSE Sensex was up 182.90 points or 0.74% at 24,865.38.
The latest recommendation for maintaining import duties on certain steel products until March 2018 is aimed to support the local steel industry and protect mills from cheaper imports, reports suggested. It may be recalled that, last month, the government set the minimum import price (MIP) on 173 steel products to check the influx of cheap imports. In September 2015, the government imposed a provisional safeguard duty of 20% on hot-rolled flat products of non-alloy and other alloy steel, in coils of a width of 600 mm or more, for a period of 200 days.
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