Shares of Indian pipe makers including Jindal Saw and Maharashtra Seamless fell in share price, on news of the US imposing taxes on large diameter welded pipes. The targeted countries for the tax are India, China, Turkey and Korea. The industry as a whole saw a decline in average share prices over the last one week.
The imports of pipes has been a sore spot for the Trump administration, which has accused countries of getting unfair subsidies, after petitions were filed by the US companies.