India’s Steel Imports Plunge 40% in February Amid Safeguard Duty Fears, Exports Drop 60%

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India’s Steel Imports Plunge 40% in February Amid Safeguard Duty Fears, Exports Drop 60%

Business 10 Mar 2025 11:50 AM IST The Hindu BusinessLine

India’s steel imports fell by 40% in February as fears of an impending safeguard duty led buyers to hold off on overseas purchases. The government’s potential move to impose protective tariffs has created uncertainty, discouraging imports and reshaping trade flows.

Exports Take a Bigger Hit, Dropping 60%

While imports slowed, Indian steel exports saw an even sharper decline of 60%, driven by weak global demand, rising trade restrictions, and price volatility. Key markets such as Europe and Southeast Asia reduced their purchases, impacting major Indian steelmakers.

Industry analysts suggest that fears of higher import duties may have disrupted domestic supply chains, while global trade conditions have made it difficult for Indian exporters to maintain their market share.

What’s Next for the Steel Market?

With government intervention looming, domestic steel producers may benefit from reduced foreign competition, but lower exports could hurt overall industry growth. Market players are closely watching policy decisions that could determine the future price trajectory and trade balance.

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