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India’s steel imports dropped nearly 20% year-on-year to 3.68 million tonnes during January to May 2025. The sharp decline follows the imposition of a 12% provisional safeguard duty in April, aimed at protecting domestic producers from a surge in low-priced imports.
South Korea, China, Vietnam, and Japan were the top exporters to India during this period. Most imports were flat steel products such as hot-rolled coils, pipes, and galvanized sheets, which together made up 62% of total inflows.
The safeguard duty significantly reduced the price advantage of imported steel. For instance, the cost benefit of Chinese hot-rolled coils has narrowed to ₹600 per tonne, down from ₹1,200 earlier. This shift has already started to benefit Indian steelmakers, with analysts estimating potential margin gains of ₹2,000 per tonne for JSW Steel and Tata Steel in the first quarter of FY26.
In May alone, non-alloyed steel imports fell 40%, while stainless and alloyed steel imports dropped 44% year-on-year. The decline reflects both the duty impact and weakening global steel prices.
Looking ahead, the government may extend or even increase the safeguard duty after a review expected in August. Additionally, a new quality control order effective June 16 has closed regulatory gaps, further limiting cheap imports.
These policy moves are expected to continue supporting domestic steelmakers through FY26.
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