Tata Steel, JSW Steel and other steel stocks were trading in the black on Tuesday after reports that the Indian government was reportedly looking to increase anti-dumping duty on steel to protect Indian steel makers from cheap imports from countries like China and Vietnam.

What Happened: The government is looking to increase anti-dumping duty on steel to 12% from 7.5%, ET Now reported. The government is also considering increasing quality checks on imported steel. 

The steel ministry has asked the government for safeguards against cheap imports from China and Vietnam. The industry body requested the government to impose duties in line with the US, European Union and Canada, where there is a 25% safeguard duty on steel imports.

The Steel Ministry has reportedly urged the Finance Ministry to take steps to safeguard the steel industry in India. 

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The steel ministry said that in the first half of FY25, steel exports from India declined 36% while imports surged 41%, making India a net importer of steel. 

In September, steel stocks had risen briefly when the Chinese government announced the first stimulus package for its slowing down economy. 

Price Action: Shares of Tata Steel rose 1.99% to ₹149.87  on Tuesday. JSW Steel’s stock price surged 2.47% to ₹978.50. NMDC shares jumped 2.38% to ₹231.90. Hindalco Industries' stock gained 1.24% to ₹682.65. 

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