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India Unlikely to Hike Safeguard Duty on Steel Imports, Says Steel Secretary
India is unlikely to raise the safeguard duty on steel imports beyond the recommended 12%, according to Steel Secretary Sandeep Poundrik. Addressing industry concerns, Poundrik clarified there’s “no reason” to expect a higher rate, countering earlier speculation about a potential 20% levy.
The clarification comes amid rising global trade tensions and concerns about increased imports from countries like China, Japan, and South Korea. However, the secretary noted that India’s recent import growth is largely driven by shipments from Japan, not China, and current volumes are not alarming.
Despite global steel sector challenges, India’s domestic demand remains strong, fueled by infrastructure spending and steady economic growth. The country is seeing double-digit growth in steel consumption, positioning itself as a standout in an otherwise subdued global market.
· No 20% safeguard duty expected – India’s Steel Secretary, Sandeep Poundrik, says there’s “no reason” to anticipate a hike beyond the DGTR’s 12% recommendation for steel imports.
This stance signals policy stability for Indian steel producers and importers, with the government focusing on balancing domestic industry interests without disrupting trade flows.
Also Read : PM Modi: Steel Industry Must Target Zero Imports and Boost Exports India’s Steel Ministry to Announce Incentive Package to Boost Green Steel Output
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