Metal stocks gained on Friday after reports that India may set minimum import price on steel imports. The BSE Metal index was trading over 2 per cent in the morning trade.
Shares of Jindal Steel and Vedanta closed 10.44 per cent up at Rs 63.45 and 9 per cent up at Rs 73.85, respectively. SAIL settled 6.10 per cent up at Rs 40.8, followed by Hindalco Industries that gained 3.93 per cent at Rs 71.35 and NMDC ended 4.32 per cent up at Rs 84.60.
China, the biggest consumer and producer of metal, makes nearly half the world’s 1.6 billion tonnes of steel and exported over 100 million tonnes of the alloy last year.
Shares of National Aluminium, or Nalco, ended 2.71 per cent up Rs 34.10. The aluminium major has received a major stimulus with the Union Coal Ministry deciding to restore the tapering linkage coal supply from Mahanadi Coalfields Ltd (MCL) to two units of its Captive Power Plant (CPP) at Angul in Odisha.
According to reports, India is also planning to impose a 10 per cent safeguard duty on aluminium and may raise import tariffs on primary and downstream products to curb cheaper imports from China and other Asian nations.
Safeguard measures are emergency actions sparked by threats to local industry from an import surge.
(With inputs from agencies)