Steel stocks jump up to 5% on tariffs to curb imports; Tata Steel, NMDC, SAIL among top gainers

Indian steel companies saw significant gains on Wednesday. This surge followed the government's announcement of a three-year safeguard duty on certain steel imports. The duty aims to protect domestic producers from cheap shipments, particularly from China. The measure will be implemented in phases, starting at 12%. This move is expected to stabilize local industries against aggressive export pricing strategies.