Steel Stocks Surge 5% as Government Imposes 3-Year Safeguard Duty on Imports

NEW DELHI – Shares of India’s leading steel manufacturers surged as much as 5% on Wednesday following the central government's decision to implement a three-year safeguard duty on various steel imports. The move, intended to protect the domestic industry from a sudden spike in cheap foreign shipments—primarily from China—has significantly boosted market sentiment across the sector.

Market Reaction: Stocks Hit All-Time Highs

Investors responded aggressively to the policy news, with several stocks reaching record levels during Wednesday's trading session:

SAIL: Surged 4.3% to an intraday high of ₹147, hitting an all-time high.

NMDC Steel & Jindal Steel: Both gained 4.3%, with Jindal Steel trading at ₹1,064.90.

JSW Steel: Climbed 3.75% to ₹1,153.35.

Tata Steel: Advanced 3% to reach ₹181.

Jindal Stainless: Rose 3.2% to a fresh record high of ₹862.75.

Phased Duty Structure (2025–2028)

The Ministry of Finance notification outlines a staggered duty framework for non-alloy and alloy steel flat products. This duty is specifically designed to bridge the price gap between domestic and imported steel: