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
A surge of low-priced steel imports is forcing many smaller Indian mills to cut output or shut, threatening capacity-addition plans, according to Steel Secretary Sandeep Poundrik. He said about 150 mills have halted operations and another 50 have reduced production as domestic prices hover near five-year lows.
Officials cite global oversupply—particularly from China—and weak international prices as key pressures, even as India’s consumption is supported by infrastructure demand. Nearly half of India’s steel output comes from a fragmented base of small and mid-sized producers now under strain from discounted imports.
To stabilise the market, the government has imposed a 12% provisional safeguard duty on a broad basket of steel products. The levy expires this week, and trade authorities have recommended extending it for three years to protect domestic manufacturers while longer-term competitiveness measures take effect.
Poundrik added that persistent price weakness could complicate investment needs of roughly $100 billion to add ~100 million tonnes of capacity over the next decade. Authorities are stepping up quality checks to curb substandard inflows and weighing additional steps to support mills’ viability.
Also Read : Supreme Court allows Vedanta to refurbish Thoothukudi Sterlite plant with environmental safeguards Maruti Suzuki to invest $4 Bn in second Gujarat car plant
Finolex Cables Ltd has inked a Memorandum of Understanding (MoU) with the Department of Industries,...
Small Enterprises 22-Feb-2024
India levies 12% safeguard duty on certain steel products. Move aimed at curbing rising imports thr...
Notification 22-Apr-2025
Stock Performance: Up 3% ahead of earnings release. Analyst Projections: Mixed expectations for net...
Business 12-May-2025
Indian engineering goods, electronic goods, and pharmaceutical items showed an increase in their yea...
Business 22-May-2024
During the current fiscal year, the government intends to produce 170 million tonnes (MT) of coal fr...
Notification 15-Apr-2024
The Ministry of Mines conducted the third round of internet auctions for seven important mineral blo...
Raw Material 15-Mar-2024