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✅ Steel imports may fall by 50% in FY25/26 due to safeguard duty
✅ Policy shift to protect domestic manufacturers and promote self-reliance
✅ Increased domestic production and price stability expected in the long run
The Indian steel industry is expected to witness a significant drop in imports in FY2025/2026, with estimates suggesting a reduction of up to 50% due to the implementation of a safeguard duty, according to credit rating agency ICRA.
The move is aimed at curbing excessive imports and protecting domestic manufacturers from price undercutting by foreign steel producers. With global steel overcapacity leading to cheap imports, the government is taking steps to ensure a level playing field for Indian steelmakers.
Industry experts believe that the safeguard duty will boost domestic production, drive investments in capacity expansion, and reduce India’s dependency on imported steel, particularly from China, Japan, and South Korea. The government’s focus on self-reliance and infrastructure development will further support demand for locally produced steel.
Despite concerns from certain industries dependent on specialty steel imports, analysts expect a gradual adaptation to domestic alternatives. The safeguard duty could also lead to price stability in the Indian market, benefiting long-term industry growth.
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