India Weighs Safeguard Duty to Curb Steel Imports

The Indian government is exploring the introduction of a 25% safeguard duty on steel imports following concerns from domestic producers about rising cheap imports, particularly from FTA countries. A final decision rests with the finance ministry, based on recommendations from the commerce ministry.

The Indian government is deliberating on a proposal to introduce a safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy announced on Thursday.

The ministry is considering implementing a 25% duty on certain imported steel products, a topic discussed at a recent meeting that included Commerce and Industry Minister Piyush Goyal.

The issue stems from increasing concerns among domestic steel producers about the impact of inexpensive imports from specific nations, which challenge their competitiveness.

(With inputs from agencies.)