JSW Steel shares surge on government intervention plea for gas supplies. The steel major's coated products unit sought federal help to secure liquefied natural gas and propane amid Middle East tensions threatening supply chains. Iran's threats against ships in the Strait of Hormuz have triggered massive gas shortages impacting India's energy security. As the world's fourth-largest LNG importer, India relies heavily on Qatar, UAE, and Oman for two-thirds of its supplies. JSW Steel shares gained 2.2% to Rs 1,157 on Friday, though the stock has declined over 8% in the past month. The geopolitical crisis poses significant risks to India's steel production and downstream industries dependent on stable propane supplies for manufacturing processes.
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