India is expecting steel imports from China, South Korea and Japan to slow after imposition of temporary tariffs this week, a government source directly aware of the situation told Reuters.
On Monday, India, the world’s second-biggest producer of crude steel, imposed a 12% temporary tariff, or provisional safeguard duty, on some steel imports for 200 days.
India’s imports of finished steel products rose for a second straight year in fiscal year 2025 — with shipments reaching a nine-year high — a trend that has continued with rising shipments from China, South Korea and Japan.
“South Korea, China and Japan are the main exporters of steel and imports from there should come down,” the government source, who declined to be identified due to sensitive nature of discussions, said.
Korean companies are opposing the safeguard duty on steel imports, the government source said, adding that South Korea’s POSCO 058430 and Hyundai 011760 are two major suppliers of steel to India from that country.
POSCO and Hyundai did not immediately respond to a Reuters’ request for comment.
Source: Reuters
