MUMBAI: India extended a tariff on steel imports for three years, marking the nation’s latest effort to shield its domestic industry from a glut. India is the latest country to respond to a global oversupply that’s driven prices to multi-year lows, with elevated flows from China. A surge in cheap imports from the top producer has hurt local producers, including JSW Steel Ltd, while forcing some smaller mills to shut down even as domestic demand stays firm. India’s steel industry has expanded rapidly over the past decade, yet its output remains just a fraction of China’s. Indian steelmakers’ shares rose yesterday, with state-owned Steel Authority of India Ltd gaining as much as 4.2%, Tata Steel Ltd up as much as 3.2%, and JSW Steel rallying more than 5%.

Source: The Star January 01, 2026 09:07 UTC