JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
🔹 ICRA projects a 50% drop in steel imports if safeguard duty is imposed.
🔹 Higher tariffs and quality controls expected to support domestic steel.
🔹 Move to boost local manufacturing and reduce import reliance.
According to a report by ICRA, India’s steel imports could decline by nearly 50% in FY2025-26 if the government imposes a safeguard duty. The move aims to protect domestic manufacturers from a surge in cheaper imports, particularly from Free Trade Agreement (FTA) countries.
The safeguard duty is expected to curb inflows of lower-cost steel while stabilizing domestic prices. With demand rising in key sectors like construction and infrastructure, the measure could strengthen Indian steelmakers' market position.
Experts suggest that along with tariffs, stricter quality norms and trade policies will further reduce import dependency, benefiting the local industry. The government’s focus on self-reliance and manufacturing growth underpins this strategy.
Also Read : Renewable energy accounts for 71% of India's power capacity additions in FY24: Report India’s JSW Steel Breaks Output Record Amid Robust Demand
India plans to manufacture 5 million tonnes (MT) of pure hydrogen annually by 2030, with a predicted...
Renewables 03-May-2024
An official announced that Kalyani Steel Limited has proposed to invest ₹26,000 crore to establish a...
Mid Corporate 13-Feb-2024
India’s steel industry is facing growing concerns over the influx of steel imports carrying co...
Business 05-Mar-2025
The International Conference on Steel took place in Ranchi, India on May 30-31, 2024. According to t...
Notification 31-May-2024
The third phase of JSW Steel's capacity expansion at its Dolvi plant will come at one of the lowest...
Large Corporate 20-May-2024
The Ministry of Commerce and Industry released data on Thursday showing that the index of eight esse...
Business 29-Mar-2024