Safeguard duties on steel imports for 3 more years

· Move to stabilise domestic prices; keep low-priced imports at bay

- URVI MALVANIA

SHARES OF JSW Steel and Tata Steel rallied on Wednesday with the government imposing final safeguard duties on imports of non-alloy and alloy steel flat products for three years through April 2028.

The move will help stabilise the domestic steel prices and improve medium-term profitability of primary and secondary steel makers, by keeping competition from low-priced imports at bay. However, for assorted users of steel, including the automobile industry, costs could inch up.