India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The Finance Ministry plans a phased reduction in safeguard duties on steel imports, aiming to balance support for domestic producers with a gradual opening to competition. As outlined in a recent brokerage note, the proposed structure envisages duties stepping down from 12.0% in Year 1 to 11.5% in Year 2 and 11.0% in Year 3.
Officials see the calibrated approach as a way to provide near-term protection while giving mills time to improve cost structures, product mix and productivity. Industry participants said a clear glide path can aid planning for capex and inventory, though they stressed the need for complementary measures—quality controls, faster trade-remedy enforcement, and logistics efficiencies—to counter continued low-priced inflows.
User industries, meanwhile, may benefit from a modest easing in input costs over the period, particularly in construction and engineering segments that rely on imported grades. The exact notification timeline and product coverage are awaited; stakeholders expect clarifications on how the schedule will align with ongoing trade cases and existing Quality Control Orders.
Market watchers will track import trends and domestic pricing as the framework rolls out, assessing whether the taper preserves mill viability while maintaining adequate supply for downstream sectors.
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