The Labour Government negotiations to secure a deal protecting UK steel from US tariffs are continuing as the July 9 deadline passes. The steel industry faces the threat of tariffs potentially rising from the current 25 per cent rate to 50 per cent after the deadline.

The no-change in tariffs on Indian metals stands in contrast to the deal the Trump administration has struck with the UK. Under their existing bilateral trade framework, metal imports from the UK continue to face a 25% tariff, while both sides work towards a resolution involving quotas and adjusted duties.

India's benchmark shares were muted on Tuesday after U.S. President Donald Trump delayed implementation of tariffs to August 1 and announced steep import levies on several trading partners, while signalling an India deal was close.