Citibank pointed out in the research report that although the Indian government has approved the imposition of safeguard tariffs, Indian steel stocks may still maintain a fluctuating trend in the range. The Indian government has approved the imposition of final safeguard tariffs on imported flat steel. The tax rate is implemented in three levels: 12% in the first year, 11.5% in the second year, and 11% in the third year. Citi said that between April and November 2025, India's steel imports fell 36% year on year; although steel prices may rise, it may be difficult to completely close the current 7-8% discount gap compared to import parity. Analysts led by Rashi Chopra wrote in the research report that the probability of steel companies' profit before tax, interest, depreciation and amortization will be between spot prices and import parity, which will limit the upward space for related stocks. Steel stocks are expected to continue to fluctuate in the range until steel price trends, third-quarter profit conditions, and corporate leverage trends are clear.

Citibank pointed out in the research report that although the Indian government has approved the imposition of safeguard tariffs, Indian steel stocks may still maintain a fluctuating trend in the range. The Indian government has approved the imposition of final safeguard tariffs on imported flat steel. The tax rate is implemented in three levels: 12% in the first year, 11.5% in the second year, and 11% in the third year. Citi said that between April and November 2025, India's steel imports fell 36% year on year; although steel prices may rise, it may be difficult to completely close the current 7-8% discount gap compared to import parity. Analysts led by Rashi Chopra wrote in the research report that the probability of steel companies' profit before tax, interest, depreciation and amortization will be between spot prices and import parity, which will limit the upward space for related stocks. Steel stocks are expected to continue to fluctuate in the range until steel price trends, third-quarter profit conditions, and corporate leverage trends are clear.