According to the report, Nomura said in its research report that it anticipates a safeguard duty of 10~15% on India’s steel imports. Based on the 12% duty, the imported steel prices will be Rs 4000 per ton, which is higher than the domestic prices. It also expects a price rise of Rs 2000 to 2500 per ton for domestic steelmakers, which also helps to push up the margins. The domestic manufacturers have urged the government to implement measures to cut the inflow of cheap imports.

Besides, the CEO and Managing Director recently said that the government is considering a request from the steel industry to seriously impose anti-dumping duties on rising Chinese steel imports and possible tariffs from the US.

Nomura also said that a safeguard duty would be a better choice than an anti-dumping duty, and it could be easier to impose on all imports, even from countries with free trade agreements. In fact, the imports from FTA contributed to 51% of the total in 2024, and 30% of those were from China.