Steel stocks rally after anti-dumping duty on Chinese steel
3 November 2016
Domestic steel stocks saw a 10 per cent spike in trade on Thursday after the government imposed a provisional anti-dumping duty on import of hot-rolled steel products from China for six months.
The designated authority in its preliminary findings found that the product under consideration was exported to India from the subject country below normal value and the domestic industry had suffered material injury due to the dumped imports of the subject goods.
The authority “recommended imposition of provisional anti-dumping duty on imports of the subject goods, originating in, or exported from subject country and imported into India, in order to remove injury to the domestic industry."
At 12.17 am, shares of Kamdhenu IspatBSE 8.84 % were trading 9.71 per cent higher at Rs 93.25. Gallantt MetalBSE -0.32 % surged 6.25 per cent to Rs 49.30. Jai Balaji IndustriesBSE 3.87 % was up 5 per cent at Rs 15.75. Jindal StainlessBSE -0.76 % (Hisar) rose 3.81 per cent, Uttam GalvaBSE -0.16 % Steel 2.52 per cent, SAILBSE -0.58 % 2.14 per cent and Jindal Stainless 2 per cent. JSW SteelBSE -2.16 % was nearly flat at Rs 1,632.25, while Tata Steel inched up 0.30 per cent to Rs 414.60.
Source : economictimes.indiatimes.com