Indian Steel Minister H.D. Coomaraswamy said that the country is considering the possibility of imposing a temporary duty of 15% to 25% on steel imports from China. This measure, designed for up to two years, is aimed at protecting local producers from cheap imports that threaten their competitiveness. The decision is due to a sharp increase in imports, which made India a net importer of steel in the current fiscal year, despite strong domestic demand. Falling steel prices in the country are forcing small factories to cut production and jobs. The situation is being exacerbated by changes in global markets, including tariff increases in the United States and free trade agreements with South Korea and Japan, which are increasing import pressure. Indian steel exports also declined due to weak global demand, which negatively impacted the earnings of leading manufacturers such as JSW Steel and Tata Steel. In response, the Government is focusing on expanding exports to Africa, the Middle East, and Southeast Asia, as well as developing specialized high-value-added steel production. India is also diversifying its supply of raw materials, reducing its dependence on Australia, and plans to invest $20-25 billion in decarbonization of the steel industry through green bonds and public-private partnerships.
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