Steel prices to rise? India planning 12% import duty to protect domestic players
1 week, 2 days ago

Steel prices to rise? India planning 12% import duty to protect domestic players

Hindustan Times  

The Indian government is planning to impose a 12% tariff on most types of steel imports to protect domestic industries. “There exist critical circumstances, where any delay in application for provisional safeguard measures would cause damage which it would be difficult to repair,” the government said in its recommendation. The imposition of the import duty will being relief to Indian steel producers like Jindal Steel and Power and JSW Steel, who are among companies that have asked the government for protection from low-cost imports from countries like China. India joins countries from Saudi Arabia to Vietnam and Chile in wielding trade measures to limit cheaper inflows, fueled by a surge of steel coming from China. Safeguard measures are used “in times of increased, unfavourable and unforeseen imports that cause or threaten to cause permanent damage to the domestic industry,” the ministry’s statement said.

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