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India imposes 12% safeguard duty to protect domestic steelmakers.
Metal stocks rallied up to 3% following the announcement.
Move aims to counter cheap imports and support local manufacturing.
India has imposed a 12% safeguard duty on steel imports, a move aimed at protecting domestic producers from the influx of cheaper foreign steel, especially from China. The announcement triggered a sharp rally in metal stocks, with major players like Tata Steel, JSW Steel, and SAIL witnessing gains of up to 3% in early trade.
The decision comes in response to rising concerns within the domestic steel industry over undervalued Chinese steel and global supply imbalances. By introducing the safeguard duty, the government aims to level the playing field and shield Indian manufacturers from market distortions caused by tariff uncertainties and dumping practices.
Market analysts believe this policy will strengthen domestic steel pricing, improve margins for producers, and support upcoming capacity expansions. The move also signals the government’s intent to prioritize self-reliance in core sectors, in line with the "Make in India" and “Atmanirbhar Bharat” initiatives.
Meanwhile, importers and downstream industries have raised concerns over cost pressures, but the ministry has assured a balanced approach will be maintained.
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