India expects steel imports to slow from China, South Korea, and Japan, Government source says
The Hindu
India expects steel imports from China, South Korea, and Japan to decrease after imposing temporary tariffs.
India is expecting steel imports from China, South Korea and Japan to slow after imposition of temporary tariffs this week, a Government source directly aware of the situation told Reuters on Thursday (April 24, 2025).
On Monday (April 21), India, the world's second-biggest producer of crude steel, imposed a 12% temporary tariff, or provisional safeguard duty, on some steel imports for 200 days.
India's imports of finished steel products rose for a second straight year in fiscal year 2025 — with shipments reaching a nine-year high — a trend that has continued with rising shipments from China, South Korea and Japan.
"South Korea, China and Japan are the main exporters of steel and imports from there should come down," the Government source, who declined to be identified due to sensitive nature of discussions, said.
Korean companies are opposing the safeguard duty on steel imports, the government source said, adding that South Korea's Pohong Irons and Steel Company (POSCO) and Hyundai are two major suppliers of steel to India from that country.
POSCO and Hyundai did not immediately respond to a Reuters' request for comment.
RBI plans ₹1 lakh crore OMO in December to boost liquidity amid upcoming tax payments, ensuring stability in the banking system.
IndiGo faces ongoing flight delays and cancellations due to technology issues, weather, and new crew rostering rules.
Stock markets experience volatility as investors await RBI's monetary policy amid foreign fund outflows and mixed global trends.
ED attaches assets worth ₹1,120 crore in Anil Ambani's Reliance Group case, totaling ₹10,000 crore amid money laundering probe.
Rupee rises 20 paise to 89.69 against the dollar as investors await RBI's monetary policy decision amidst market pressures.
Just nine Fugitive Economic Offenders (FEOs) owed Indian banks over ₹58,000 crore in principal and interest. To date, banks have recovered just over ₹19,000 crore — roughly 33% of the total dues.
Commerce Minister Piyush Goyal urges Indian businesses to seize opportunities in Russia's market, addressing talent shortages and trade demands.
Premiumisation is driving the growth in beauty and personal care industry in India and this segment is growing faster than the products made for the masses, industry executives said at Cosmoprof India 2025, a beauty & personal care industry event currently underway in Mumbai.
Scaling Artificial Intelligence(AI) at the speed at which consultants project is not possible by the laws of physics and may not be environmentally sustainable, said Tanvir Khan, who is the Executive Vice President and Chief Operating Officer of NTT DATA North America, part of the Japanese technology services and data centre company NTT Data, in an interview with The Hindu.
The Rupee appreciated by 19 paise to close at 89.96 against the U.S. dollar amid weak dollar index support.
India aims to expand its tea exports to China, highlighting diverse varieties like Darjeeling and Masala at a recent buyer-seller meet.
Stock markets rebound after four days of decline as Sensex rises 158 points, driven by tech and IT shares.
India reduces Russian oil imports by 38% in October 2025, marking the sharpest decline in value and volume yet.