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
🔹 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 : JSW Steel launched GreenEdge, a sustainable steel brand. Rising Steel Prices Face Pressure from Global Trade Uncertainty
A copper supply shortage is projected to strike the global market following the closure of First Qua...
USA 30-Jan-2024
The Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation...
Press Releases 16-Feb-2024
An agreement has been signed between NLC India Limited and the government of Rajasthan to form a joi...
Renewables 11-Mar-2024
The CEEW Centre for Energy Finance (CEEW-CEF) Market Handbook states that of the 26 GW of new power...
Business 02-May-2024
According to PSP Projects it has secured a construction order amounting to ₹631 crore in Gujarat. Th...
Mid Corporate 15-Feb-2024
According to Union Minister Jyotiraditya Scindia, the government's goal is to raise the proportion o...
Raw Material 25-Jan-2024