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The Directorate General of Trade Remedies (DGTR), under the commerce and industry ministry, has recommended a three-year safeguard duty on imports of certain flat steel products to curb rising inbound shipments and protect domestic manufacturers.
According to its final findings, the duty would start at 12% in the first year, tapering to 11% by the third year. The move follows a complaint by the Indian Steel Association, which cited a surge in imports threatening serious injury to the domestic industry.
Earlier, based on preliminary findings, the government had imposed a provisional 12% safeguard duty in April for 200 days.
In its notification dated August 16, DGTR observed, “There is a recent, sudden, sharp and significant increase in imports of the product under consideration into India due to unforeseen developments, which threaten to cause serious injury to the domestic industry.”
The recommendation also provides exemptions: no duty would apply if import prices are at least $675/tonne for hot-rolled coils and sheets, $695/tonne for hot-rolled mill plates, $824/tonne for cold-rolled coils and sheets, $964/tonne for colour-coated products, and $961/tonne for metallic coated coils.
China, South Korea, Japan, Vietnam and Nepal are among the top exporters of these products to India. The final decision on imposing the duty rests with the finance ministry.
Also Read : Govt Plans 25% Safeguard Duty on Steel Imports – A Big Win for Indian Producers? Tax collections projects 14% higher in FY25 Union Budget despite fall in tax buoyancy
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