India proposes 25% safeguard duty on steel imports, NIFTY soars

The Indian Steel Ministry has proposed a 25% safeguard duty (anti-import duty) on specific steel imports to protect domestic manufacturers. The NIFTY Metal Index rose to 9,204, up by 0.78%. This strategic move aims to address concerns over rising imports and support local steel production. Major steel companies like SAIL (trading at ₹122.46) and Tata Steel (₹146.62) have been impacted.