Nifty Metal index dives after US levies anti-dumping duty on metal pipes

The Nifty Metal index declined ~2% in Thursday’s morning trade after the United States government imposed 50% anti-dumping duty on the inward shipment of Indian metal pipes.

To safeguard the domestic industry, the US Commerce Department in its statement on Wednesday announced the imposition of an anti-dumping duty on India’s diameter-welded pipe imports. According to the statement, the customs and border protection deparment of the US would collect a cash deposit from India after adjusting the rates by the amount of export subsidies found in the companion countervailing duty investigations.

Post the announcement, Jindal Steel & Power and Vedanta led the brigade’s fall by declining ~3% followed by SAIL, Hind Copper, Hindalco, and Jindal Stainless (Hisar), which dropped by 2% each.

INVESTMENT ADVISER COMPANY