The Indian government is considering imposing a 25pct safeguard duty on flat steel imports, Union Steel Minister H.D. Kumaraswamy announced. According to reports, the proposal is under review, with a final decision to be made by the finance ministry based on recommendations from the commerce ministry.
Domestic steelmakers have raised concerns about rising imports of cheap steel from certain countries, impacting their competitiveness. Steel Secretary Sandeep Poundrik noted last month that over 60pct of steel imports come from free trade agreement (FTA) countries and are exempt from duties, meaning a hike would not affect these shipments. He acknowledged the issue, stating that it requires attention.
Between April and November 2024, India’s steel imports rose 27pct YoY to 6.5 mln tons. China, South Korea, and Japan accounted for 79pct of the total finished steel imports during this period.
