India’s steel ministry has proposed a 25pct safeguard duty on imports of certain steel items, according to local media reports.
The proposal was discussed in a meeting between Union Steel Minister H.D. Kumaraswamy and Commerce and Industry Minister Piyush Goyal in New Delhi. Senior officials from both ministries and executives from major steelmakers, including SAIL, Tata Steel, JSW Steel, and AMNS India, also participated.
Kumaraswamy emphasized the need for collaboration to boost ease of business for domestic players.
Domestic steelmakers have raised concerns over increasing imports of cheap steel, particularly from select nations, which they say undermine their competitiveness.
India’s steel imports rose to 5.51 mln tons in April-September 2024, up from 3.66 mln tons in the same period last year. Imports from China surged to 1.85 mln tons, compared to 1.02 mln tons in April-September 2023.
