Domestic steel and ferrous stocks such as Tata Steel, Steel Authority of India (SAIL), and JSW Steel, among other sectoral peers could be in focus during Monday's trading session, after the latest update by the commerce ministry's arm on the final safeguard duty of steel product imports.
The commerce ministry's arm, DGTR, has recommended a final imposition of a safeguard duty on imports of certain flat steel products for three years to protect domestic manufacturers from sudden jump in the inbound shipments. Based on the preliminary findings, the government in April has already imposed a provisional 12% safeguard duty for 200 days.
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DGTR recommends safeguard duty on steel imports
The duty was recommended by the directorate general of trade remedies (DGTR) in its final findings of a probe initiated on a complaint by the Indian Steel Association. In its final findings, the DGTR has concluded 'that there is a recent, sudden, sharp and significant increase in imports of product under consideration (PUC) into India at the cumulative level as a result of unforeseen developments...and threaten to cause serious injury to the domestic industry/producers,' the DGTR has said in a notification.
DGTR is the apex authority for administering all trade remedial measures, including anti-dumping, countervailing duties, and safeguard measures. It recommended a 12% duty in the first year, 11.5% in the second, and 11% in the third year. The measure, it said, is necessary to give steelmakers a breathing space to adjust to the surge in low-priced imports over global developments.
The Indian Steel Association on behalf of its members including JSW Steel, ArcelorMittal Nippon Steel India, Jindal Steel and Power and SAIL filed an application seeking imposition of safeguard duty on imports of non-alloy and alloy steel flat products. In their latest statement, Naveen Jindal, President of Indian Steel Association, said the recommendation of a safeguard duty on flat steel imports for three years is a welcome step.
Steel, ferrous stocks in focus today
Tata Steel, JSW Steel, SAIL along with other ferrous stocks could count as potential beneficiaries from the move. Shares of SAIL have dropped nearly 12% in the last one month, while Tata Steel shares have fallen 4.12% in the same period. Shares of JSW Steel have gained nearly 2% in a month. Also, the Nifty Metal index has dropped 2% in the last one month.
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