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✅ Steel prices up as safeguard duty fears rise.
✅ Potential 15% duty may protect domestic producers but raise costs.
✅ User industries warn of inflation and squeezed margins.
Steel prices have surged across major markets amid growing concerns over the potential imposition of a safeguard duty on imports. The government is considering up to a 15% duty to protect domestic manufacturers from rising imports, especially from China.
Steel user industries, including auto and construction sectors, have raised concerns about cost inflation, warning that higher steel prices could squeeze margins and increase project costs. February saw steel imports drop 40% year-on-year, reflecting market nervousness over the potential safeguard duty.
Industry insiders say that the safeguard duty could strengthen domestic steel producers but may also reduce competitiveness for downstream industries. "While protecting the domestic market is important, balancing input costs for user industries is crucial," said an industry executive.
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