Steel ministry mulls safeguard duty on steel imports

Steel ministry mulls safeguard duty on steel imports

Amid reports of sudden surge in steel imports in India from China and other Asian countries, the Central government is considering a proposal to impose safeguard duties on steel imports to prevent large-scale dumping of steel in India.

According to sources in the Directorate General of Trade Remedies (DGTR) the steel ministry has informed them about large-scale dumping of steel from China, Japan and South Korea in the first quarter of this fiscal year, especially after the ban imposed by the US.

“The (steel) ministry is concerned about the sudden surge in the imports. From April onwards, steel imports, mainly from China, Japan and South Korea, have gone up substantially, which has high potential of damaging the domestic players.

Local steel producers have therefore demanded imposing of safeguard duty. We have received the request from the ministry and are considering it,” a DGTR official told TNIE.

According to the data shared by the steel ministry, steel imports from China was reported at 3,62,000 tonne in the April-June period, which is 67 per cent up from 2,17,000 tonnes import in the January-March quarter. Read More

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