India has decided to impose safeguard duties on certain steel imports at rates ranging between 11% and 12% for a period of three years, according to a decision issued by the Ministry of Finance. The move comes as part of the government’s efforts to curb the influx of low-priced imports, particularly those originating from China.
Under the decision, the duties will be applied at a rate of 12% in the first year, followed by 11.5% in the second year, and 11% in the third year. The measure exempts imports from some developing countries, while imports from China, Vietnam, and Nepal will be subject to the duties.
The decision, published in the Official Gazette, also clarifies that the duties do not apply to specialized steel products, such as stainless steel. The federal Ministry of Steel has repeatedly emphasized that these measures aim to protect the domestic steel industry from the adverse effects of cheap imports and substandard products.
In April, the Indian government had already imposed a temporary import duty of 12% for a period of 200 days. The Directorate General of Trade Remedies also recommended imposing duties for three years after identifying a “sudden, sharp, and significant increase in imports in recent times,” which has caused—and threatens to cause—serious injury to the domestic industry, according to the decision.
These measures come amid escalating global trade tensions surrounding Chinese steel, following tariffs imposed by former U.S. President Donald Trump on steel imports, which prompted several countries, including South Korea and Vietnam, to impose anti-dumping duties earlier this year.
(Reuters)
