Shares in steel stocks rallied after the government raised the minimum import price on several steel products. Shares in Jindal Steel and JSW Steel were the biggest gainers in trade. Bhushan Steel rallied a huge 8 per cent on the reports.
Interestingly, select banking share stocks also gained momentum. Banks are one the biggest lenders to steel companies. The government imposed a minimum import price (MIP) ranging from $341 to $752 per tonne on 173 steel products. This was to largely provide some respite to steel producers in the country, which were saddled with stiff competition from imports.
Steel companies have been saddled with huge debts and this along with a drop in steel prices abroad, has hit steel companies badly.
The MIP conditions are valid for six months from the date of the notification (February five) or until further orders, whichever is earlier, it said.
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