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INDIA: Steel Minister-Gov't Considering Temporary Levy On Chinese Steel

INDIA
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Speaking to Reuters, Steel Minister HD Kumaraswamy says that India is considering the imposition of temporary 15-25% tariffs (a 'safeguard duty') on the import of Chinese steel in the next six months to address what he calls "a serious challenge to Indian manufacturers,". According to the minister, the gov't began an investigation into the prospect of tariffs being imposed in Dec 2024, with the prospect of the duties remaining in place for up to two years. 

  • Reuters: "India became a net importer of finished steel in the fiscal year ending March 2024, and shipments from China reached a record high between April and December."
  • The discussion of tariffs will undoubtedly be viewed in the context of US President Donald Trump's announcement of increased steel and aluminium levies. As an ICRA report outlines two major steel exporters to the US, Japan and South Korea, could be forced to look elsewhere for sales. Given the duty-free access both countries have with India as part of existing FTAs, the report notes "This can exert pressure on domestic steel prices, pulling down the industry’s earnings further in FY2026."
  • With Prime Minister Narendra Modi set to meet with Trump at the White House on 13 Feb, there is the prospect of announcements on Indian purchases of US LNG and defence equipment to avoid any targeted punitive action against Indian exports. India being seen to take action on China Will likely be further welcomed by the Trump administration. 
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Speaking to Reuters, Steel Minister HD Kumaraswamy says that India is considering the imposition of temporary 15-25% tariffs (a 'safeguard duty') on the import of Chinese steel in the next six months to address what he calls "a serious challenge to Indian manufacturers,". According to the minister, the gov't began an investigation into the prospect of tariffs being imposed in Dec 2024, with the prospect of the duties remaining in place for up to two years. 

  • Reuters: "India became a net importer of finished steel in the fiscal year ending March 2024, and shipments from China reached a record high between April and December."
  • The discussion of tariffs will undoubtedly be viewed in the context of US President Donald Trump's announcement of increased steel and aluminium levies. As an ICRA report outlines two major steel exporters to the US, Japan and South Korea, could be forced to look elsewhere for sales. Given the duty-free access both countries have with India as part of existing FTAs, the report notes "This can exert pressure on domestic steel prices, pulling down the industry’s earnings further in FY2026."
  • With Prime Minister Narendra Modi set to meet with Trump at the White House on 13 Feb, there is the prospect of announcements on Indian purchases of US LNG and defence equipment to avoid any targeted punitive action against Indian exports. India being seen to take action on China Will likely be further welcomed by the Trump administration.