 "The steel ministry has urged the Ministry of Finance to double the basic Customs duty on imported finished steel products to 15 per cent from the current 7.5 per cent in the upcoming Union Budget for 2025–26, people aware of the matter said.")
A surge in imports, lower exports, and weak prices reflected on the Indian steel industry in calendar year (CY) 2024. As the possibility of a safeguard duty gathers momentum, the big question facing the industry is, will 2025 be any better?
Prices of hot rolled coil, a benchmark for flat steel, are at a four-year low. Data from the price reporting and market intelligence firm BigMint shows that the price of HRC ex-Mumbai stood at Rs 46,600 per tonne as of January 3, 2025, with the lowest recorded price at Rs 46,400 per tonne as of December 20, 2024.
The
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