Steel Prices - Business Outrank

Steels prices are set to rise? To shield domestic manufacturers from foreign competition, India is getting ready to impose a 12% tariff on most steel imports. This safeguard measure is being implemented by the world's second largest steel producer for 200 days in order to stop low cost imports that are threatening domestic industries. The Union Ministry of Commerce and Industry has on Tuesday published the gazette notification for inviting the comments of the public before arriving at a final decision. The government explained: “There are certain circumstances that are so unusual that any delay in putting in place safeguard measures would lead to harm that is irreparable”. This move is expected to benefit major Indian steel players like Jindal Steel and Power and JSW Steel, who have been urging the government to intervene against cheap imports from China. There is import tax on the way as the world turns its attention to global trade tensions, including the impact of tariff policies of President Donald Trump, which have sparked fears of tariff wars that could last years. India is following the path of countries like Saudi Arabia, Vietnam and Chile that have put in place protective measures against Chinese steel. Although production has been cut, China still has surplus steel that it exports to other markets, causing price distortions. Another Asian steel producing nation and a fast growing one, Vietnam, is also facing issues as a result of steel oversupply. The Indian government’s latest action shows that nations are increasingly trying to defend their domestic industries from what they claim are unfair trade practices. The ministry pointed out that safeguard measures are required when there are increased and unfavorable and unforeseen imports which are likely to cause substantial harm to the domestic industry. With this temporary duty, India is trying to stabilize its steel sector and prevent further disruption form global supply chain fluctuations.

What's Hot

Digital Infrastructure Boost: CtrlS Datacenters Partners with BSE to Strengthen Stock Exchange Operations

Rail Infrastructure Boost: Coal India Signs Pact with Indian Port Rail & Ropeway Corp

FY25 Rollercoaster for New-Age Stocks: Eternal, Nykaa Shine While Paytm, Swiggy Struggle

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Steel Prices

Steel Prices to Rise? India’s 12% Import Duty Could Shake Global Market

Digital Infrastructure Boost: CtrlS Datacenters Partners with BSE to Strengthen Stock Exchange Operations

Rail Infrastructure Boost: Coal India Signs Pact with Indian Port Rail & Ropeway Corp

FY25 Rollercoaster for New-Age Stocks: Eternal, Nykaa Shine While Paytm, Swiggy Struggle

Reddit Sues Anthropic Over Chatbot Training Using User Data Without Consent

Our Picks

Digital Infrastructure Boost: CtrlS Datacenters Partners with BSE to Strengthen Stock Exchange Operations

Rail Infrastructure Boost: Coal India Signs Pact with Indian Port Rail & Ropeway Corp

FY25 Rollercoaster for New-Age Stocks: Eternal, Nykaa Shine While Paytm, Swiggy Struggle

Most Popular

Digital Infrastructure Boost: CtrlS Datacenters Partners with BSE to Strengthen Stock Exchange Operations

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Steel Prices