India’s steel ministry is considering applying wide ranging “safeguarding” measures against steel exports from South Korea and Japan after a 47% surge in total imports in the second quarter on a year earlier. That resulted in a record high in June and $11 billion of imports in the past year. The increase partly reflects exporters finding alternative markets after the U.S. imposed similar measures earlier in the year. Shipments from South Korea were the biggest contributor to growth after they jumped 58% to reach 22% of the total while Japan’s increased 45%. Should the Indian governmen...