Steel stocks Steel stocks bleed after govt imposes export duty; Tata Steel plunges 14%, JSW Steel 11% Read more at:

Steel stocks New Delhi: Steel stocks faced deep cuts in Monday's trade after the government imposed export duties,

Steel stocks Which may prompt steel companies to review massive capacity expansion plans.

Steel stocks The government on Saturday decided to impose hefty export duties on crucial steel-making raw materials like iron ore and pellets.

Steel stocks The export duty on all grades of iron ore has been increased 50 per cent from 30 per cent earlier.

Steel stocks Further, the government has imposed a 15 per cent export duty on hot-rolled, and cold-rolled steel products from nil earlier.

Steel stocks On the import front, the government has cut import duty on some raw materials like PCI, met coal and coking coal.

Steel stocks Export duty on steel is likely to result in higher domestic supplies, thus exerting downward pressure on prices.

Steel stocks Following the announcement, shares of Tata Steel plunged about 14 per cent to Rs 1,007.30 during early trading hours. Jindal Steel and Power tanked over 13 per cent to Rs 478.90.

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