Jindal Stainless shows steel, surges 11%; has gained 27% in two days on anti-dumping report

13 March 2015

Shares of Jindal Stainless surged as much as 17.5 per cent in intraday trade on BSE following reports that the government is planning to impose anti-dumping duty on hot rolled flat stainless steel.

It has surged 27.69 per cent in the last two sessions to touch a high of Rs 47.30 today. Jindal Stainless finally closed 11.4 per cent higher at Rs 44.85. It hit a low of Rs 43.30 and a high of Rs 47.30 in trade today.

The Directorate General for Anti-Dumping & Allied Duties has recommended levy of anti-dumping duty on hot rolled flat stainless steel imported from China, Malaysia and Korea.

It has suggested duty of $309/tonne on imports from China, $316/tonne from Malaysia and $180/tonne from Korea.

"It was concluded that domestic industry suffers material injury due to such dumped imports (and) imposition of a definitive measure is required to prevent (this) injury," the recommendation says.

Jindal Stainless had filed an application requesting for initiation of investigation in levy of anti dumping duties. The company claimed there is no significant difference between the products manufactured by them and the goods imported from China, Malaysia and Korea.

The stainless steel industry estimates import from the three countries contributes up to 30 per cent of India's domestic demand, of which hot rolled flat shares are the largest. In recent months, imports had risen 200-300 per cent.