Team News Riveting
Raipur, January 1
President of Indian Steel Association Naveen Jindal said the safeguard duty on flat steel products is a calibrated policy measure aimed at maintaining stability in the domestic steel market while ensuring continuity of supply for consumers and infrastructure projects.
While the global steel industry is experiencing weak demand and excess capacity, India remains an oasis with growth in Steel market supported by domestic consumption and infrastructure-led expansion under the Atmanirbhar Bharat framework.
“At the same time, the diversion of surplus steel capacity into India by China, Japan, Korea and Vietnam has implications for domestic capacity utilisation, investment planning, and employment,” Jindal said, adding that the safeguard duty helps address these pressures by restoring competitive balance and supporting the domestic steel value chain.
Given ongoing global supply imbalances, further trade remedies may be considered as part of a broader policy approach to ensure sustainable growth in the steel sector, he added.
