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According to reports, the Indian Ministry of Steel has proposed a 25% tariff on imported steel to support domestic producers. On December 2nd, the 10th Ministerial Conference discussed the proposal. D. Against the backdrop of increased imports from countries under free trade agreements, Kumalaswami and Piyusha Goyala. India plans to increase its production capacity to 300 million tons per year by 2030.
On December 3rd, the price of hot-rolled coils fell to 47500 rupees per ton (562.23 US dollars), 13.6% lower than the high point in 2024. From April to August, the import volume increased by 33.8% to 3.72 million tons.
Traders expressed doubts about the effectiveness of tariffs and warned that there may be risks in exporting the final product. At the same time, increasing tariffs may increase demand for coking coal, which is beneficial for coke producers.
A minister acknowledged the issue of imports: 62% of imports have zero tariffs, and increasing tariffs has little impact on the market. The decision-making power lies with the Ministry of Finance.
