Steel stocks were mixed on reports steel ministry plans a series of fresh initiatives to rein in surging steel prices.
Shree Precoated Steel (up 4.44% to Rs 188), Bhushan Steel (up 3.5% to Rs 686), Jindal Steel and Power (up 2.49% to Rs 2,124), JSW Steel (up 2.31% to Rs 838) edged higher.
Steel Authority of India (down 0.41% to Rs 184) and Tata Steel (down 1.18% to Rs 685) edged lower. Meanwhile, shares of iron ore miner and exporter Sesa Goa declined 2.25% to Rs 3,055.
The steel ministry has reportedly proposed a series of fresh initiatives like cutting duties in inputs like refractories, zinc and met coke; lowering excise duty on the product from present 14% to 8% curbing iron ore exports through higher export duty and introducing duty on steel exports and reducing rail transportation charges (for ore moved to ports) for iron ore. Reports add that the government is also actively considering reducing import duties on steel. Steel imports today carry an import duty of 5%.
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