India has imposed an anti-dumping duty of up to USD 185.51 per tonne for 5 years on certain kinds of Chinese steel originating from China. The duties range from USD 44.89 to 185.51 per tonne for the next five years. The move aims to guard domestic players from cheap imports of the commodity from the neighboring country.
Indian steel companies including JSW Steel Ltd, Gerdau Steel India,Sunflag Iron & Steel Co, Vardhman Special Steels, Usha Martin and Jayaswal Neco Industries Ltd had jointly filed an application for initiation of the investigations and levying of anti-dumping duties on the steel.
Reacting to the news, steel companies stocks rallied in bourses to some extent, on Friday. Jayaswal Neco Industries Ltd went up by 3.13%, Visa Steel was up by 1.60%, JSW Steel was up by 0.51%, and Steel Authority of India (SAIL) up by 0.31%, Tata Steel went up 0.46% in trade on the NSE. However, the steel stock traded in red was Sunflag Iron & Steel Company Ltd which went down 3.45% ar Rs. 57.40 per share.