New Delhi, Feb. 18 -- A recent report by HDFC Securities suggests that any potential safeguard duties imposed by the Indian government on steel imports would have a limited overall impact on the domestic steel industry.

According to the report, a significant portion of steel imports-approximately 62 percent-originates from countries with which India has Free Trade Agreements (FTAs).

The report specifically notes, "The levy of duty would have limited impact as majority of steel (around 62 percent) is imported from FTA countries at nil duty and any duty hike will not have any impact on these shipments."

Most steel imports to India come from countries such as Japan, South Korea, Mauritius, and the ASEAN bloc, which can export steel to Ind...