India expects steel imports to slow from China, S.Korea and Japan, government source says
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. On Monday, 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.