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Govt intends to raise safeguard duty on steel to 24%.
Seeks to control cheap imports and shore up domestic mills.
Industry looks for better price stability and margins.
The Indian government is said to be considering a plan to raise the safeguard duty on steel imports from the current level of 12% to 24%, in an attempt to protect domestic manufacturers from a spate of cheap imports. This strategic policy action seeks to negate dumping, particularly from specific Asian and Middle Eastern nations.
The planned increase is being considered actively in the Ministry of Steel and Commerce, according to industry sources. The government will finally decide after consulting stakeholders and carrying out the impact analysis on downstream sectors.
Steelmakers have hailed the possible duty increase as it will stabilize local prices, revive plant usage, and protect thousands of industrial jobs, they argued. But consumer industries such as infrastructure, automotive, and construction could see higher input prices in the short term.
Analysts say that if enforced, the duty increase would close the price differential between Indian and imported steel, reduce unsustainable imports, and help Indian steelmakers become more profitable in a fickle global market.
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