India’s Steel Secretary, Sandeep Poundrik, has stated that the new 25% tariffs imposed by Trump on steel imports will not significantly impact the Indian steel industry. The domestic market remains robust, and only a small amount of steel is exported to the US. Poundrik emphasized that India produced 145 million tonnes of steel last year, with just 95,000 tonnes exported to the US.
While concerns over global metal supply and demand have been raised, Poundrik reassured that India’s domestic demand is increasing and may even surpass supply in the coming years. He also mentioned that exports could face challenges as more countries impose safeguards and restrictions.
Despite the minimal direct impact on the industry, Indian steel stocks experienced a decline due to market reactions. Companies like Tata Steel, JSW Steel, and Hindalco Industries saw their shares drop by around 3%.
Analysts are closely monitoring the situation to understand the potential long-term effects on the market and the industry. It remains to be seen how these developments will play out in the future.
