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Steel shares strengthened on after India announced a three-year safeguard duty on select steel imports, aimed at curbing low-priced inflows especially from China and supporting domestic producers. The duty is set to roll out in phases: 12% in year one, 11.5% in year two, and 11% in year three, as per the finance ministry order published in the official gazette.
In market action, several listed steel names rose 2–5% intraday. The Economic Times reported Jindal Steel & Power, NMDC Steel and SAIL were among the top gainers, each up about 4.3%, with SAIL touching an all-time high. JSW Steel gained around 3.75%, Jindal Stainless rose about 3.2% to a fresh record, and Tata Steel advanced about 3%.
DGTR had recommended the safeguard citing a “sudden, sharp and significant” rise in imports that threatened serious injury to the local industry, and analysts expect the move to improve mills’ near-term pricing power.
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