Safeguard Duty On Steel Imports: What It Means For Jindal Steel And Other Stocks

The Indian government has imposed a safeguard duty on imports of non-alloy and alloy steel flat products for three years, starting April 21, 2025, which has led to a rise in steel stocks. JSW Steel, SAIL, Tata Steel, and Jindal Steel are benefiting from the announcement. The duty will be set at 12% for the first year, decreasing gradually to 11% by 2028. The duty excludes imports from certain developing countries but includes China, Vietnam, and Nepal. Sharad Avasthi, Head of Research (PCG) at SMIFS, highlighted Jindal Steel as a top pick, citing strong growth expectations and a valuation-friendly outlook, with targets of ₹1300–1400.