Tariff On Steel Imports: India has imposed import tariffs of 11% to 12% on certain steel products for three years, according to a decree from the Finance Ministry published Tuesday, in an effort to curb cheap imports from China.
These tariffs, known locally as safeguard duties, will be 12 per cent in the first year, 11.5 per cent in the second, and 11 per cent in the third.
The measure, published in the Official Gazette, exempts imports from some developing countries, while China, Vietnam, and Nepal will be subject to these tariffs. Special steel products, such as stainless steel, are also exempt.
The Federal Ministry of Steel has reiterated its commitment to protecting the domestic steel industry from the harm caused by cheap imports and low-quality products.
The government had previously imposed a temporary 12 per cent import tariff for 200 days in April.
The Directorate General of Trade Remedies recommended the three-year duty after finding a "recent, sudden, sharp and significant increase in imports ... causing and threatening to cause serious injury to the domestic industry", the order said.
The tariffs imposed by US President Donald Trump on steel imports have sparked a wave of trade frictions over Chinese steel, with countries such as South Korea and Vietnam imposing anti-dumping duties earlier this year.
Steel Stocks Surge
The development has driven steel stocks into a rally in today's session. At around 9:40 am, the major steel stocks were trading with a jump of up to 5 percent.
JSW Steel - over 4.5 percent
Jindal Steel - over 3.90 per cent
Jindal Stainless - over 3.40 per cent
NMDC Steel - over 1.70 per cent
Tata Steel - over 2 per cent
NMDC - 0.3 per cent
(With Inputs From Agencies)