Metal stocks melt after US anti-dumping crackdown
19 January 2018
Metal stocks started wilting on Thursday after reports surfaced that the US has imposed anti-dumping duty on stainless steel flanges from India.
Such imports of stainless steel flanges from India are valued at $32.1 million.
Anti-dumping duty is a penalty imposed on low-priced imports to avoid flooding in the destination country and ring-fence the domestic industry from unfair competition.
In the United States, the International Trade Commission (ITC) imposes anti-dumping duties based on investigations and recommendations from the Department of Commerce. The ITC is an independent government agency, explains Investopedia.
At the time of writing this report, the Nifty metal index was trading 1.73 per cent lower at 4,046.60, with 11 out of 15 constituents ending in the red. The index was the big loser on the NSE.
SAIL was trading nearly 3 per cent lower at Rs 93.75 while NALCO dropped 2.56 per cent at Rs 78.15. Hindalco slumped 2.38 per cent, Tata Steel 2 per cent and JSW Steel 1.84 per cent.