New Delhi, Dec 12: The government is evaluating a proposal to levy a safeguard duty on steel imports, according to Union Steel Minister H D Kumaraswamy, who spoke on Thursday.
“We are progressing” on the ministry’s plan to impose a 25 percent duty on steel imports, Kumaraswamy informed PTI at an event held here.
On December 2, the steel ministry suggested, during a meeting with the commerce department, the implementation of a 25 percent safeguard duty on specific steel products being imported into the country. Both the steel minister and Commerce and Industry Minister Piyush Goyal were in attendance at that meeting.
The finance ministry will make the final decision on this duty based on recommendations from the commerce ministry.
Local steel manufacturers have consistently expressed concerns regarding the influx of low-cost steel imports from certain countries, which are undermining their competitiveness.
Steel Secretary Sandeep Poundrik mentioned last month that over 60 percent of steel imports originate from FTA (free trade agreement) nations, arriving at zero duty, and thus any hike in duty would not affect these imports.
There is a real issue, and the ministry is cognizant of it, Poundrik affirmed.
India’s steel imports totaled 5.51 million tonnes (MnT) in April-September 2024-25, an increase from 3.66 MnT during the same time last year, as reported by research firm BigMint.
Imports from China have risen to 1.85 MnT during this timeframe, up from 1.02 MnT in the corresponding period of the financial year 2023-24, it noted. (PTI)
