Steel Market Report

Advisory Bazaar Info Services

India imposes 11–12% safeguard duty on certain steel products

Key Points:

• India has imposed a safeguard duty of 11% to 12% on certain steel products for three years.

• The tariff primarily targets Chinese steel shipments to protect domestic manufacturers.

• Duty schedule:

• Year 1: 12%

• Year 2: 11.5%

• Year 3: 11%

• This measure will not apply to imports from some developing countries, but China, Vietnam, and Nepal are included.

• The duty does not cover specialty steel like stainless steel.

Main Reasons:

• According to the Ministry of Finance, there has been a sudden, sharp, and significant increase in steel imports, posing a serious threat to the domestic industry.

• The Directorate General of Trade Remedies (DGTR) recommended a three-year safeguard duty.

Global Perspective:

• Trade tensions over steel imports from China have risen due to US steel import tariffs.

• This year, South Korea and Vietnam also imposed anti-dumping duties on steel.

Source: Reuters