Indian steel stocks experienced a broad-based decline today as markets reacted to U.S. President Donald Trump’s announcement regarding the imposition of new 25% tariffs on all steel and aluminum imports. The move, expected to be officially unveiled on Monday, is seen as a major escalation of trade policy and is likely to impact global supply chains, including key exporting nations like India.
Trump also revealed plans for reciprocal tariffs, matching import duties levied by other countries, which could be announced as early as Tuesday or Wednesday. Canada, Brazil, Mexico, South Korea, and Vietnam are the leading suppliers of steel to the U.S., with Canada accounting for a significant portion of aluminum imports.
Among the major decliners in the Indian steel sector, Aeroflex Industries fell 5.62%, Electrosteel Steels was down 4.90%, ISMT dropped 5.59%, and Goodluck India lost 4.65%. Other players like Jindal Saw and Indian Metals also saw declines of over 3%.
The imposition of such tariffs raises concerns about potential downstream effects, including reduced exports, increased pricing pressures, and potential retaliatory measures from trading partners. Meanwhile, Canadian officials reaffirmed their commitment to protecting their industries, stressing the critical role Canadian steel and aluminum play in the U.S. economy.
As markets remain volatile, global steel exporters will closely monitor how the new tariffs reshape trade dynamics in the months ahead.
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