Government imposes 12% safeguard duty to shield Indian steel sector
As per the press release, Union Minister for Steel and Heavy Industries, Shri H. D. Kumaraswamy, welcomed the decision to impose a 12 percent safeguard duty on the import of certain non-alloy and alloy steel flat products.
Steel Stocks surge with over significant range as the government has announced to impose 12% safeguard duty on the import of certain non-alloy and alloy steel products. SAIL, JSW Steel, Jindal Steel and Power Ltd and NMDC Steel Ltd are trading in the green zone in the stock market.
As per the press release, Union Minister for Steel and Heavy Industries, Shri H. D. Kumaraswamy, welcomed the decision to impose a 12 percent safeguard duty on the import of certain non-alloy and alloy steel flat products.
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This action is a prompt and essential step to guarantee fair competition in the market and shield domestic steel producers from the negative effects of import surges.
Domestic producers, particularly small and medium-sized businesses, who have been under tremendous pressure from growing imports, will greatly benefit from this action. The safeguard duty will strengthen domestic industry confidence and aid in re-establishing market stability.
Shares of SAIL and NMDC Ltd are trading higher by 0.58% and 1.91% at NSE.
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