Jindal Stainless up 17% on anti-dumping duty plan of govt
Shares of Jindal Stainless surged over 17 percent intraday on Thursday hoping for anti-dumping duties on China import. The trade ministry has recommended anti-dumping duties ranging from USD 180 to USD 306 per tonne for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to protect local industry. Other steel companies are also seeing buying interest on hopes that the anti-dumping duty may be extended to steel imports as well. After a year-long investigation based on complaints from Jindal Stainless the trade ministry said it found that the domestic industry was suffering “material injury due to such dumped imports” and that a definitive measure was required to stop it. The recommendations, made public on Wednesday, are expected to be implemented by the finance ministry within three weeks and will stem the flow of surging imports, NC Mathur, president of the Indian Stainless Steel Development Association, said. Mathur said the grades subject to the dumping duty can cost USD 1,270-USD 2,070 per tonne and are used mainly to make equipment for industries like dairy, oil refinery and railways. India consumes about 1 million tonne of this type of stainless steel and more than 40 percent of that is imported, mainly from China, a trade which is growing at up to 15 percent a year. At 12:57 hrs Jindal Stainless was quoting at Rs 45.40, up Rs 5.15, or 12.80 percent on the BSE.