Shares of India’s ferrous metal companies such as Tata Steel, JSW Steel, SAIL, and JSPL rose up to 2% on Monday, August 18, following an update on the safeguard duty on steel imports. The Directorate General of Trade Remedies (DGTR) has proposed extending the safeguard duty for three more years—12% in the first year, 11.5% in the second, and 11% in the third. The current 12% duty was set to expire at the end of September. The decision provides clarity on the continuation of the duty, which was a major concern for the market. This development is seen as a positive for major steelmakers, while companies like NMDC, APL Apollo, and pipe manufacturers could benefit indirectly. Over the past month, the Nifty Metal index has declined by 2%, with Tata Steel and SAIL falling between 3% and 10%. Meanwhile, JSPL shares have risen 4.5%, and stocks like JSW Steel and NMDC have remained largely unchanged.
