Steel stocks such as SAIL, JSW Steel, Jindal Steel and Tata Steel, among others, corrected up to 2.5 percent. Aluminium stocks such as NALCO fell close to 3 percent.
Shares of metal companies were trading weak on Monday morning as investors were wary of US President Donald Trump’s decision to impose import tariffs.
Steel stocks such as SAIL, JSW Steel, Jindal Steel and Tata Steel, among others, corrected up to 2.5 percent. Aluminium stocks such as NALCO fell close to 3 percent. Meanwhile, firms involved in the business of other metals such as Hindalco, Vedanta, Hindustan Zinc, MOIL also fell up to 2 percent. The Nifty Metal index fell close to 2 percent.
The US President, on Friday, said that he would impose a 25 percent import tariff on steel and 10 percent on aluminium to protect US producers, a move that could trigger a trade war with China and Europe.
An executive order in this regard would be signed this week, Trump said after a meeting with executives of steel and aluminium companies.
"It'll be for a long period of time...And you'll have protection for a long time in a while. You'll have to regrow your industries, that's all I'm asking," Trump said in the presence of a pool of reporters.
Trump said the import tariff hike would create jobs in the US and benefit its industries.
