India Enforces Safeguard Duty on Steel Imports

India has imposed a 12% provisional safeguard duty on certain steel products for 200 days to protect domestic manufacturers from a surge in cheap imports. The move follows a recommendation by the commerce ministry's investigation arm, DGTR, as per a notification from the department of revenue.

In a decisive move to shield its domestic steel industry, India has implemented a 12% provisional safeguard duty on specific steel imports.

This measure comes into effect following the commerce ministry's Directorate General of Trade Remedies (DGTR) recommendation last month.

The safeguard duty is set for 200 days, as outlined in a department of revenue notification, providing a temporary barrier against the influx of cheaper foreign steel.

(With inputs from agencies.)