Govt Imposes 12% Safeguard Duty On Steel Imports For 200 Days

(MENAFN- KNN India) New Delhi, Apr 22 (KNN) The government on Monday imposed a 12 per cent provisional safeguard duty for 200 days on five steel product categories to protect domestic manufacturers from a surge in imports.

This decision follows a recommendation by the Directorate General of Trade Remedies (DGTR), the commerce ministry's investigation arm, which had suggested the implementation of such measures last month.

The government has established import price thresholds ranging from USD 675 per tonne to USD 964 per tonne for the five steel product categories. Any shipments imported below these prices will be subject to the safeguard duty.

According to the notification, the duty shall not be imposed on products imported into India at or above the specified import price on a cost, insurance, and freight basis.

Union Minister for Steel and Heavy Industries, H.D. Kumaraswamy, welcomed the decision, describing it as a timely and necessary step to protect domestic steel manufacturers from the adverse impact of import surges and to ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports,” he stated

“The safeguard duty will help restore market stability and reinforce the confidence of the domestic industry," he added.

Kumaraswamy expressed gratitude to Prime Minister Narendra Modi for his leadership and continued support in strengthening strategic sectors under the vision of Atmanirbhar Bharat.

He reaffirmed the Ministry's commitment to working with all stakeholders to ensure that the Indian steel sector remains resilient, self-reliant, and globally competitive.

(KNN Bureau)

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