The metal stocks rose in early trading on 22 April as the government intervened to help domestic steelmakers by imposing a 12% safeguard duty on imports of certain flat objects manufactured of non-alloy and alloy steel in order to restrict the influx of cheaper alternatives from outside, namely China.

Following the rise, the Nifty Metal index rose for the sixth consecutive day. At 9:30 am, the index jumped 1.22% to 8,759, hitting a new intraday high of 8,783. All of the index stocks were trading higher.

Hindustan Copper and Jindal Stainless led the charge, rising by 1.64% and 1.44%, respectively. Hindustan Zinc (+1.33%), Tata Steel (+1.21%), and Jindal Steel (+1.00%) all had significant purchasing activity. Vedanta and NALCO made minor advances.

The Ministry of Finance announced the safeguard duty on Monday, which will take effect on 21 April and last for 200 days. It comes at a time when Indian manufacturers have become increasingly vocal about the risks presented by global trade distortions and potential steel dumping into the domestic market, particularly in light of tariff uncertainty caused by US policy moves.

“This is a timely and much-needed move,” said T. V. Narendran, CEO & MD, Tata Steel. “Unchecked imports undermine domestic production, put jobs at risk, and dampen long-term investment. This step will help level the playing field and support the broader goal of building a self-reliant and competitive steel ecosystem in India.”

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