India Takes Protective Measures for Steel Industry

In a significant move to protect its domestic steel industry from the surge in imports, the Indian government has imposed a provisional safeguard duty of 12% on five categories of steel products. This duty will be in effect for 200 days, as announced on Monday.

Commerce Ministry's Recommendation

The decision follows a recommendation by the Directorate General of Trade Remedies (DGTR), the investigation arm of the commerce ministry, which suggested the imposition of this duty last month.

Import Price Thresholds Set

The government has specified import price thresholds ranging from $675 to $964 per tonne for the affected steel product categories. Import shipments below these prices will be subject to the safeguard duty. However, imports at or above the specified prices on a cost insurance freight (CIF) basis will not attract this duty, according to the official notification.