India Imposes Steel Import Duty Amid Global Oversupply Crisis

• India levies up to 12% safeguard duty on steel imports for three years, an "emergency brake" against a surge in low-priced foreign steel.
• The move addresses global excess capacity, distorted prices, and trade wars, particularly from China, Vietnam, and ASEAN countries.
• India, the world's second-largest crude steel producer, faces rising imports that are cheaper than domestic production costs.
• While protecting domestic mills, the duty risks increasing prices for downstream industries like auto and construction.
• Tariffs buy time for India's steel sector to improve efficiency and technology, but are not a long-term solution to structural issues.

Why It Matters: India's steel import duty is a necessary short-term defense against global oversupply, but long-term reforms are crucial.