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Steel Secretary rules out safeguard duty hike on steel products.
Government aims to maintain trade stability and support domestic production.
Market may expect short-term tariff consistency amid global shifts.
In a recent statement that provides clarity to both domestic producers and importers, India’s Steel Secretary Nagendra Nath Sinha said there is "no reason to expect an increase in safeguard duty on steel products at this point in time."
His remarks come amid growing concerns from Indian manufacturers and global exporters over fluctuating trade measures and potential tariff revisions. The statement offers some reassurance to steel buyers in India who have been watching global trends, including tariff moves in China and the U.S., with cautious anticipation.
The Secretary emphasized that the Indian government is focused on maintaining a balanced trade ecosystem while also boosting domestic capacity through initiatives such as the National Steel Policy and the Production Linked Incentive (PLI) Scheme.
This development could also help stabilize steel import volumes and prices in the near term, especially as India continues to navigate a complex global steel landscape marked by protectionist measures and shifting supply chains.
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