The major steel stocks in the country rose in the intraday trade on September 9. This development comes to pass after the Union Minister of Heavy Industries and Steel, HD Kumaraswamy, claimed that the incumbent government is ruminating over a possible duty of over 10 per cent on Chinese steel.
Duties on Chinese Steel?
Chinese steel, a lot like other products from the 'factory of the world', is cheaply produced, and the end cost is also relatively lower than products produced elsewhere.
Indian Steel Shares Rise
Shares of JSW Steel rose by 0.73 per cent or Rs 6.85, taking the overall price of shares to Rs 939.90 per piece. It needs to be noted that the company shares gained close to 1 per cent, before losing momentum while continuing to be in the green.
Tata Steel, another major steel manufacturer in India, also made gains in the intraday trade on Thursday. Although not a significant rise, the company shares are trading in green.
At the time of writing, the Mumbai-headquartered company's shares gained 0.58 per cent or Rs 0.88. This took the overall value of the shares to Rs 152.06 per share.
When we come to Jindal Steel, the company shares were, however, trading in red. The Jindal shares dropped by 0.10 per cent or Rs 0.95, taking the overall value to Rs 944.65 per share.
State-Owned Steel Companies
When we came to the state-owned steel companies, NMDC Steel Ltd was also trading in red in the intraday trade. The company shares dropped by 0.24 per cent or Rs 0.13, taking the overall value to Rs 54.77 per share.
The Steel Authority of India Limited or SAIL, however, followed suit of the private companies as the company shares rose. SAIL shares increased by 0.49 per cent or Rs 0.64, taking the overall value to Rs 131.10 per stock.
