India tightens steel import standards to protect domestic industry

India's Ministry of Steel stated in a release on November 27 that the influx of cheaper steel from international markets is putting downward pressure on its domestic steel prices, harming both large and small steel producers across the country, although the overall volume of steel imports remains a small fraction of the country's total steel consumption, Mysteel Global learned.

India's steel imports surged significantly in the first half of fiscal 2024-25, increasing by 41.3% compared to the same period last fiscal, the release showed. India's robust steel consumption growth - up 13.5% in H1 FY2024-25 – on the other hand highlights the need for expanded domestic production capacity. Given