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Steel companies shine on China coke duty cut

Source : REUTERS
Last Updated: Wed, Dec 19, 2012 09:38 hrs
A labourer works at a Tata steel iron godown in the northern Indian city of Chandigarh

Shares in Indian steel companies including Tata Steel gain after China said it will scrap a 40 percent export duty on metallurgical coke, a steelmaking raw material, from next year.

China's move is expected to weigh on prices on metallurgical coke, giving steel companies access to cheaper imports from China.

Tata Steel gains 2.1 percent while Jindal Steel and Power gains 1.6 percent.




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