Steel-ing the Deal: Safeguard Measures Could Slash India’s Steel Imports by 50%, Say Experts

India's Directorate General of Trade Remedies (DGTR) has suggested a 12% safeguard duty on flat steel imports for 200 days to protect domestic producers from runaway imports. Experts opine that this move can reduce steel imports by up to 50% in the next financial year, which will ease pressure on do...

India's Directorate General of Trade Remedies (DGTR) has suggested a 12% safeguard duty on flat steel imports for 200 days to protect domestic producers from runaway imports. Experts opine that this move can reduce steel imports by up to 50% in the next financial year, which will ease pressure on domestic mills severely affected by cheap Chinese and South Korean steel. India, the world's second-largest crude steel producer, imported 8.4 million tonnes of finished steel from January 2025 to April 2024, a year-on-year 21% rise. The deluge of cheap imports has led small mills to scale down operations, impacting jobs and margins. Although the proposed duty falls short of the industry's request for 25%, it is expected to shore up local prices as well as encourage long-term growth. Comment is sought on the DGTR's findings before a final order is issued. Source: Reuters, Argus Media