Steelmakers surge as India competitors slapped with surprise export tariffs

May 26, 2022 1:12 PM ETReliance Steel & Aluminum Co. (RS), X, CLFNUE, MT, CMC, ATI, STLD, SCHN, CRS, SLX, TMSTBy: Carl Surran, SA News Editor20 Comments

large bowl of molten metal at a steel mill. Steel production.

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North American steelmakers (SLX) are sharply higher in Thursday's trading, capping strong gains following India's decision to impose export tariffs on its steel industry earlier this week: (NYSE:RS) +6.2%, (TMST) +5.4%, (NYSE:X) +5%, (STLD) +4.9%, (CMC) +4.7%, (CRS) +4.7%, (NYSE:CLF) +3.8%, (ATI) +3.8%, (NUE) +3.8%, (MT) +3.8%, (SCHN) +3.6%.

India’s government unexpectedly slapped a 15% export duty on a range of finished steel products in an attempt to improve domestic steel availability and reign in steel prices.

The Indian Steel Association has asked the government to withdraw the policy, with a three-month buffer period to clear steel companies' booked orders without an export duty.

Reliance Steel (RS) recently routed expectations for Q1 earnings and revenues.

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