Steel stocks in green on anti-dumping duty
On Tuesday, India imposed anti-dumping duty on certain steel products imported from China, South Korea and Vietnam. This move has been taken to safeguard the interest of domestic producers.
The anti-dumping duty is in the range of USD 13.07 per tonne to USD 173.1 per tonne mainly on imports of 'flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc' from the above-mentioned countries.
Department of Revenue has specified that this anti-dumping duty will be effective for five years from the date of imposition i.e. October 15, 2019.
An anti-dumping duty is a protective tariff that a domestic government levies on foreign imports, which it believes is priced below the fair market value.
Today, the stocks of steel companies are in focus after this favourable announcement. JSW Steel gained three per cent to Rs 208, Tata Steel gained two per cent to Rs 338.05, SAIL gained five per cent to Rs 34.20, Gallantt Ispat gained twenty per cent to Rs 32.40 and Prakash Industries gained four per cent to Rs 40.45.