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On April 21st, India A832 Grade 21V steel announced the imposition of a temporary safeguard measure tax on imported sheet metal, aimed at resisting the impact of low-priced imported resources and gaining breathing space for the domestic steel industry. Local small steel mills responded positively to this and quickly adjusted their business strategies, suspending layoffs and production reduction plans.
Officials from the Indian Ministry of Steel announced at a press conference on April 22 (Tuesday) that the temporary safeguard measure tax rate for imported sheet metal is 12%, valid for 200 days, but the final tax rate and implementation period will be determined after the Trade Relief Authority submits investigation results in August to September.
During the policy window, steel mills will have a critical adjustment period. Industry practitioners have expressed that the continuous losses in the industry have forced companies to consider layoffs, but the tariff policy has brought expectations of price increases. Companies have decided to postpone personnel adjustments and wait for changes in demand to evaluate the actual effectiveness of the tariff policy. The director of Enlight A832 Grade 21V steel Metals in Western Pune revealed that after the policy came into effect, the company's order volume has significantly rebounded, and the increase in demand will help retain external labor force that is facing layoffs due to the impact of imports.
Industry insiders predict that India will once again become a net A832 Grade 21V steel exporter of steel by 2025, or return to the level of 2022.
